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Legislation designed to respond to industry concerns associated with an increase in cargo theft was recently introduced on Capitol Hill.

Fighting back against rampant fraud in the freight transportation industry was the prevailing theme at the Transportation Intermediaries Association's Capital Ideas Conference.

Program Aired: March 27, 2 p.m. ET Warehouse and distributions centers represented the most targeted location type, followed by truck stops. While on-site security guards and video monitoring are common practice, how successful are these strategies in an industry where theft and fraud are on the rise?

The industry has made some progress in its response to theft but needs to develop more effective countermeasures, according to multiple insurance brokers.

A stakeholder representing ATA on Feb. 27 shared with a Senate panel ongoing industry concerns associated with an increase in cargo theft afflicting the nation’s supply chain.

Thieves have targeted freight trains running through the deserts of California and Arizona in a string of audacious heists resulting in the theft of more than $2 million worth of Nike sneakers.

As technology systems helped advance collaborative freight movements among brokers, carriers and shippers, thieves also have targeted the sector as an area ripe for fraud.

Verisk CargoNet reported that cargo theft incidents jumped 27% year over year to a record 3,625 across North America.    

Verisk CargoNet reported that cargo theft incidents jumped 27% year over year to a record 3,625 across North America, and the estimated average value per theft increased 7.7%.

When it comes to cargo theft, thieves can — and do — steal anything.  As more cargo goes missing, insurance premiums for policies to cover the losses start edging higher.