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

AMC bets on premium screens as Hollywood slate...

April 2, 2025

ESPN plans to add user-generated content to upcoming...

February 21, 2025

Fox reveals plans to launch subscription streaming service...

February 6, 2025

Pfizer CEO says tariff uncertainty is deterring further...

May 3, 2025

Klarna, nearing IPO, plucks lucrative Walmart fintech partnership...

March 19, 2025

Paramount mandates 5-day-a-week return to office ahead of...

September 5, 2025

Ulta and Target will end deal for in-store...

August 15, 2025

Lego hits record revenue in first half of...

August 29, 2025

Joann to shutter all 800 fabric stores after...

February 26, 2025

Super Bowl ads beckon up to $8 million...

February 3, 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

    • The Real Drivers of This Market: AI, Semis & Robotics

      September 13, 2025
    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

      September 13, 2025
    • Cardiol Therapeutics

      September 13, 2025
    • Providence Gold Mines Inc. Announces Financing Update on the La Dama de Oro Gold Property

      September 13, 2025
    • Editor’s Picks: Gold Knocks Out Inflation-Adjusted High, Silver Breaks US$42

      September 13, 2025
    • Top 5 Canadian Mining Stocks This Week: Guardian Exploration Gains 94 Percent

      September 13, 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