As the upcoming Memorial Day weekend approaches, carriers, shippers, and drivers should take measures to protect all shipments, especially given the heightened risk of theft during extended holiday weekends. CargoNet, a cargo theft recording firm and a Verisk business, emphasizes the need for additional precautions in the most targeted states.
Experts in cargo theft are warning the trucking industry about an increased threat during Memorial Day weekend, as thieves exploit extended business closures. CargoNet reviewed data from 2019 to 2023, covering the Thursday before Memorial Day to the Wednesday after, to help supply chain professionals avoid and decrease theft risks.
During this period, 146 theft events were reported, averaging 29 events per year. The average value of stolen cargo per event was $264,016, with three incidents going beyond $1 million in stolen property.
The data shows a significant rise in theft events, from 16 in 2022 to 40 in 2023. The majority of thefts occurred on the Friday before the holiday (17%), with notable activity on the Wednesday (15%) and Tuesday (15%) following the holiday.
Food and beverage items were the most frequently stolen commodities, with 24 incidents reported. Household items followed closely with 23 incidents, and electronics were targeted in 18 incidents.
CargoNet has observed a sharp increase in highly technical shipment misdirection fraud schemes across the United States, leading to record-breaking numbers of fake pickup and fraud complaints.
California remains the most at-risk state, with 43 reported incidents, nearly double that of the second-most affected state, Texas, with 22 incidents. Most misdirection fraud occurs in California, though some shipments originating from other states have also been redirected there.
Noteworthy thefts from previous Memorial Day weekends include:
- $3,974,370 in pharmaceuticals in Clermont, Florida
- $1,600,000 in pharmaceuticals in Clermont, Florida
- $1,000,000 in electronics in Kennesaw, Georgia
- $623,913 in pharmaceuticals in San Francisco, California
CargoNet offers tips on how to avoid being a victim of cargo theft this Memorial Day weekend.
Source: Commercial Carrier Journal
