Inflation is changing the face of cargo theft

Criminals are adapting to inflation and lessened port congestion and evolving more fraudulent methods of targeting specific goods, says a new report.

The latest Annual Cargo Theft Report for 2022 from partners TT Club, the Transported Asset Protection Association’s Europe, Middle East & Africa region (TAPA EMEA) and BSI SCREEN Intelligence shows an overall decline in global incidents over the previous year but with increasing emphasis on basic goods, food and beverages, fuel and auto parts linked to the inflationary effect on the value of such items. Theft of high value electronics remains constant.

“Our report explores these themes in more detail by way of case studies that look at how social unrest in Latin America, particularly Chile, Peru and Brazil, has provided a weakness exploited by thieves,” said Mike Yarwood, MD Loss Prevention at TT.

“Also, how in South Asia crime involving fraudulent practices, like fictitious pickups to target cargo, are manifest.”

Of the increases in various types of commodities stolen, as illustrated above, TAPA EMEA identified a significant year-on-year rise in the number of fuel thefts recorded in the region, one of the most prominent trends recorded.

“This is clearly driven by the impact of the war in Ukraine on global oil prices and the cost-of-living crisis affecting consumers in many countries. We gathered intelligence on fuel losses in 28 countries across EMEA, but mostly in Germany and the United Kingdom, which accounted for 72 percent.” said Thorsten Neumann, president and CEO of TAPA EMEA.

Higher value fuel crimes also signaled the involvement of bigger organized crime groups, notably in thefts from fuel depots, he added.

The report offers advice on steps to mitigate the risk of theft.

“In particular, we are keen to give guidance on how operators can combat the practice of fictious pick-ups and the threat of insider influence in cargo crime,” said David Fairnie, BSI’s principal consultant on supply chain security.

“Our guidelines are extensive and they can help to reduce risk and enhance the overall security and resilience of the supply chain. However, it’s important to recognize that there is no one-size-fits-all approach. Each organization must develop a tailored risk management plan based on its specific risks and circumstances.”