Earnings Mastery
  • Politics
  • Business
  • Investing
  • World
No Result
View All Result
  • Politics
  • Business
  • Investing
  • World
No Result
View All Result
Earnings Mastery
No Result
View All Result
Home Business

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

May 11, 2025
in Business
Cargo thieves are attacking the U.S. supply chain at alarming rates
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

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

Panasonic to slash 10,000 jobs in 2025 amid Japan’s economic downturn

Next Post

Top S&P 500 Index stocks to watch: Walmart, Applied Materials, Cisco

Next Post
Top S&P 500 Index stocks to watch: Walmart, Applied Materials, Cisco

Top S&P 500 Index stocks to watch: Walmart, Applied Materials, Cisco

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


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

    Latest

    China’s export curbs on critical minerals raise alarms for global automakers

    June 4, 2025
    Goldman Sach’s GPIQ ETF is beating JPMorgan’s JEPQ: Is it a buy?

    Goldman Sach’s GPIQ ETF is beating JPMorgan’s JEPQ: Is it a buy?

    June 4, 2025
    China plans major Airbus deal before EU leaders’ visit, report says

    China plans major Airbus deal before EU leaders’ visit, report says

    June 4, 2025
    European markets open: Stoxx 600 gains 0.3%; focus on US steel tariffs

    European markets open: Stoxx 600 gains 0.3%; focus on US steel tariffs

    June 4, 2025
    Rolls-Royce share price nears 1,000p as a new catalyst emerges

    Rolls-Royce share price nears 1,000p as a new catalyst emerges

    June 4, 2025
    Byron Allen puts broadcast TV stations up for sale

    Byron Allen puts broadcast TV stations up for sale

    June 4, 2025

    Disclaimer: EarningsMastery.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.

    Popular

    PepeX gains steam Ethereum and Solana prices crash

    PepeX gains steam Ethereum and Solana prices crash

    March 30, 2025

    Latest

    China’s export curbs on critical minerals raise alarms for global automakers

    June 4, 2025
    Goldman Sach’s GPIQ ETF is beating JPMorgan’s JEPQ: Is it a buy?

    Goldman Sach’s GPIQ ETF is beating JPMorgan’s JEPQ: Is it a buy?

    June 4, 2025
    China plans major Airbus deal before EU leaders’ visit, report says

    China plans major Airbus deal before EU leaders’ visit, report says

    June 4, 2025
    • About us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 earningsmastery.com | All Rights Reserved

    No Result
    View All Result
    • Politics
    • Business
    • Investing
    • World

    Copyright © 2025 earningsmastery.com | All Rights Reserved