Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
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

0
FacebookTwitterGoogle +Pinterest
previous post
The V Reversal is Impressive, but is it Enough?
next post
Tech 5: OpenAI Restructures, Apple Pursues AI Search, Constellation Shares Jump

Related Posts

The fight over credit card swipe fees enters...

January 7, 2025

Mortgage rates plunge to the lowest level in...

August 6, 2024

OpenAI introduces Operator to automate tasks like vacation...

January 24, 2025

Prebiotic soda brand Olipop valued at $1.85 billion...

February 13, 2025

As Joann Fabrics and JCPenney announce store closings,...

February 18, 2025

Starbucks union announces strike to last through Christmas...

December 21, 2024

CVS replaces CEO as profits, share price suffer

October 19, 2024

Women’s basketball league Unrivaled signs uniform deal with...

December 11, 2024

Over 3 million on Social Security may wait...

January 30, 2025

Target says its holiday sales were better than...

January 17, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


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

    Recent

    • JOSH HAMMER: Trial lawyer lawfare vs. Trump’s policy revolution

      September 21, 2025
    • Kamala Harris reveals what Biden told her just before crucial debate with Trump that left her ‘angry’

      September 21, 2025
    • MIKE DAVIS: Trump’s latest pick to reform the federal judiciary is another home run

      September 21, 2025
    • Trump caps UK trip with $350B tech pact, heads to Arizona for Kirk’s memorial service

      September 21, 2025
    • How AI browsers open the door to new scams

      September 21, 2025

    Categories

    • Business (1,107)
    • Investing (3,081)
    • Politics (3,763)
    • Stocks (1,155)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.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 sportinvestorsleague.com | All Rights Reserved