In 2024, Verisk CargoNet recorded 3,798 incidents of cargo theft, representing a 26% increase over 2023, according a report by CNBC.

Total reported losses topped nearly $455 million, according to Verisk CargoNet, but industry experts told CNBC that the true figure is likely to be as much as $1 billion per year, because  many thefts go unreported. 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 form of cargo theft called strategic theft, in which criminals use deceptive tactics to trick shippers, brokers or carriers into handing over cargo or legitimate payments, is also on the rise.

Read More: Combatting the Growing Threat of Freight Fraud

Strategic theft represented 8% of all cargo theft in 2020, according to Verisk CargoNet figures, but by the end of 2024, it had risen to represent about one-third.