Crazy Flux
  • Business
  • World
  • Stocks
  • Investing
  • Business
  • World
  • Stocks
  • Investing

Crazy Flux

Business

Cargo thieves are attacking the U.S. supply chain at alarming rates

by admin May 11, 2025
May 11, 2025
Cargo thieves are attacking the U.S. supply chain at alarming rates

America’s supply chain is under attack.

From coast to coast, organized criminal groups are hitting trucks on the road, breaking into warehouses and pilfering expensive items from train cars, according to industry experts and law enforcement officials CNBC interviewed during a six-month investigation.

It’s all part of a record surge in cargo theft in which criminal networks in the U.S. and abroad exploit technology intended to improve supply chain efficiency and use it to steal truckloads of valuable products. Armed with doctored invoices, the fraudsters impersonate the staff of legitimate companies in order to divert cargo into the hands of criminals.

The widespread scheme is “low risk and a very high reward,” according to Keith Lewis, vice president of Verisk CargoNet, which tracks theft trends in the industry.

“The return on investment is almost 100%,” he said. “And if there’s no risk of getting caught, why not do it better and do it faster?”

In 2024, Verisk CargoNet recorded 3,798 incidents of cargo theft, representing a 26% increase over 2023.

Total reported losses topped nearly $455 million, according to Verisk CargoNet, but industry experts told CNBC that number is likely lower than the true toll because many cases go unreported. Numerous experts who spoke to CNBC estimate losses are close to $1 billion or more a year.

Train cargo thefts alone shot up about 40% in 2024, with more than 65,000 reported incidents, according to the Association of American Railroads.

Industry experts and law enforcement officials say a more sophisticated and insidious form of cargo theft called strategic theft is also on the rise.

The way the system is supposed to work is this: A shipper pays a broker, and the broker, after taking its fee, pays the carrier, the trucking company that moves the load.

In strategic theft, criminals use deceptive tactics to trick shippers, brokers or carriers into handing cargo or legitimate payments, sometimes both, over to them instead of the legitimate companies.

This post appeared first on NBC NEWS

previous post
Sycamore Gap: Two men convicted of felling one of UK’s most famous trees
next post
Crypto Market Recap: Bitcoin Breaks US$100,000, Coinbase Makes US$2.9 Billion Power Play

Related Posts

Nvidia CEO says he was wrong about timeline...

March 22, 2025

NBA star Russell Westbrook launches AI-enabled funeral planning...

May 8, 2025

Armenian organized crime rings charged with stealing $83...

May 23, 2025

Kroger chairman and CEO resigns following investigation into...

March 4, 2025

GameStop, MicroStrategy shares rise after Ryan Cohen posts...

February 11, 2025

Amazon AI scammers duped investors out of millions...

March 20, 2025

Elon Musk says backlash against his DOGE government...

April 2, 2025

Boeing’s Starliner losses top $2 billion after spacecraft...

February 6, 2025

Nvidia’s CEO did a Q&A with analysts. What...

March 25, 2025

Judge allows lawsuit over Burger King’s Whopper ads...

May 8, 2025

    Join our mailing list to get access to special deals, promotions, and insider information. Your exclusive benefits await! Enjoy personalized recommendations, first dibs on sales, and members-only content that makes you feel like a true VIP. Sign up now and start saving!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • Japan’s annual births fall to record low as population emergency deepens

      June 6, 2025
    • What we know about the countries on Trump’s travel ban list, and how many people will be impacted

      June 6, 2025
    • Israel strikes southern suburb in Beirut

      June 6, 2025
    • What is D-Day? How the Normandy landings led to Germany’s defeat in World War II

      June 6, 2025
    • Russia launches aerial assault on Kyiv days after Ukraine’s audacious drone attack on bomber fleet

      June 6, 2025
    • North Korea refloats destroyer that capsized during launch, surprising naval analysts

      June 6, 2025
    • About us
    • Contacts
    • Privacy Policy
    • Terms and Conditions
    • Email Whitelisting

    Disclaimer: crazyflux.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2025 crazyflux.com | All Rights Reserved