Shipments are increasingly vulnerable to theft, with U.S. and Canadian shippers reporting losses in excess of $223 million during 2022. Criminals are using increasingly sophisticated – and audacious – schemes to take possession of freight, including technology-based ploys to trick shippers and avoid law enforcement detection. Businesses need to understand their points of vulnerability, and how to protect their supply chains. This paper provides an overview of current trends in shipment theft, which includes an alarming increase in “fake” carriers and cyberattacks. Equally important, the paper advises readers about opportunities to fortify their supply chains, and minimize their exposure to theft. This paper provides several relevant takeaways including:
- Overview of the shipment theft issue.
- Dollar values and rates of increase.
- S. and Canadian geographic regions most susceptible to theft.
- Targeted shipment types.
- Overview of criminal schemes, including cyber-related tactics.
- Information about theft-proofing the supply chain.
- Best practices that can help businesses improve supply chain security.
- The importance of enlisting a security-focused logistics provider.
- Checklist for building a secure supply chain.
The paper makes clear that although shipment theft is on the rise, there are ways to fight back. By understanding where their supply chains are vulnerable, businesses can implement protocols that prioritize security, and minimize risk. This paper will serve as a resource in educating shippers about this serious problem, and a useful guide in helping to determine the best course for improving shipment security.