Risk continues to increase as a new 2024 global report and analysis from BSI Consulting. Thefts rose 77% globally and accounted for nearly a third (32%) of all incidents last year, against a backdrop of inflation and rising food prices in many major economies.
In 2024, food, drinks, and agricultural products continue to be the top commodities at risk of theft in the global supply chain.
Electronics accounted for 9% of all product thefts in 2024, with the U.S. as the top location, recording 23% of all regional product thefts last year and the only country to surpass Brazil in any product category.
Notably, pharmaceutical thefts saw a 136% increase in 2024, while representing only around 6% of recorded cargo theft incidents in the U.S. and 2% globally. This is a mark of continued theft underreporting and its high value per incident underscores significant risks to the industry.
Hijacking theft was the most frequent tactic globally, accounting for 21% of all incidents (+10% in 2023). However, in the U.S., hijackings only accounted for 4% of all incidents, with theft of vehicle (22%), theft of container or trailer (16%), and fictitious pickup (15%) the most common methods in the region. The retail industry was particularly impacted by this type of theft as incidents rose from 9% in 2023 to 11% in 2024.
Overall, two fifths (41%) of all global thefts occurred in-transit, 21% from warehouses, 4% at unsecured roadside parking, and 4% from parking lots. Thefts from containers and trailers were down 7%, as thieves globally stole cargo in the form of entire vehicles (+273% and accounting for a fifth of all cargo thefts).
“As geopolitical tensions, economic fluctuations, climate-driven disruptions, rapid regulatory shifts and of course the opportunity of AI redefine traditional models of operation, we are at a pivotal moment for global supply chains,” said Susan Taylor Martin, chief executive, BSI, in a statement. “With supply chains vulnerable to different pressures, businesses must prioritize resilience throughout the supply chain by leveraging technological innovation, risk management strategies and effective information management. By taking action and aligning with emerging regulatory frameworks, businesses can accelerate progress to mitigate risks and, while doing so, seize opportunities for growth in an increasingly complex global environment.”
In 2024, technology continued to impact global supply chains, with businesses utilizing advancements such as AI but such tools also bringing new risks. The report found that the U.S. faces a unique challenge, with thefts generally being strategic and involving deception and fraud, rather than overt violence. The U.S. transport sector is particularly susceptible to strategic theft and organized crime. For instance, the report highlights how in 2024 groups in the US are now hacking into the Federal Motor Carrier Safety Administration (FMCSA) accounts to book several loads and pilfer them.
The analysis also uncovers cases of companies or employees, most commonly in Asia, staging the hijacking of their own trucks to file fraudulent insurance claims, or warehouse managers and employees taking advantage of incomplete records to siphon untracked goods. Thieves stealing small quantities over time, which can eventually accumulate to large losses, became more common. In more elaborate schemes, unauthorized keys are created by workers to access restricted areas.
The research also found that economic tactics such as tariffs are increasingly being used as strategic tools to influence political outcomes in Asia and assert geopolitical objectives.
Sergio Nogueira, President, BSI Consulting said: “With the new US administration shifting the approach to global trade, this report highlights the multifaceted challenges that businesses must navigate in their supply chain, from trade disruption and tariffs, to rising instances of fraud and insider risks or the growing vulnerabilities introduced by the digitization of systems,” said Sergio Nogueira, president, BSI Consulting, in a statement. “These challenges are not isolated but deeply interconnected, emphasizing the need for a holistic approach to supply chain resilience—viewing all risks together through a single lens. By embracing resilience, fostering collaboration, and leveraging technological advancements, businesses can not only mitigate risks but position themselves for sustainable growth.”
Amidst geopolitical uncertainties, supply chains continued to grapple with insider thefts and labor movements, underscoring the interconnectedness of these factors and their implications for businesses, governments, and societies worldwide. Due to the complex market environment organizations must traverse, it has become increasingly more critical for supply chain, risk and procurement managers to assess their vulnerabilities through a consistent and consolidated viewpoint.
