Cargo Thefts Cost Businesses Approximately $114 Million in 2016
Reported incidents of cargo theft decreased for the third consecutive year in 2016, but according to CargoNet data, the overall value of goods stolen increased 13.3% to $114 million.
The United States saw approximately 1,614 incidents of shipping theft in 2016. These include instances of cargo theft, commercial vehicle theft, and supply chain fraud. There are an estimated 17 million shipping containers around the world, but only 6 million of them are in use. Each and every one of those 6 million containers is susceptible to theft while in transit.
Many are concerned about the rising value of stolen goods. The total value of stolen cargo in 2016 is $114 million, which is much higher than the 2015 total of $100.5 million. Despite the negative outlook for businesses, Anthony Canale of C...