In the first quarter of 2024, CargoNet documented a staggering 925 thefts, a 46 percent increase compared to the first quarter of 2023 and a 10 percent rise from the fourth quarter of 2023.

The average stolen shipment value in the first quarter of 2024 was $281,757, while the declared total value was $76 million.

By extrapolating the average shipment value across events without a declared value, CargoNet estimates that a total of $154.6 million worth of goods were stolen during this period.

Though reported thefts increased in most states, the most significant spikes were observed in California (with a +72 percent year-over-year increase), Illinois (with a +126 percent year-over-year increase), and Texas (with a +22 increase year-over-year increase).

Certain commodities, such as small appliances, liquor, energy drinks and copper, were heavily targeted.

Complex fraud schemes are to blame for entire truckloads being picked up and never delivered or delivered with digitally altered paperwork to hide the theft from the customer.

Simple cargo theft, including the whole theft of unattended, loaded trailers and pilferage of unattended, loaded trailers, remained a persistent issue. Notable hotspots for these types of thefts included Southern California, Dallas-Fort Worth, Atlanta, as well as the corridor spanning New York, North Jersey and Eastern Pennsylvania.

CargoNet anticipates high levels of non-delivery thefts and strategic shortages will persist.