Inflation main driver for rising cargo crimes
Source: Middle East Insurance Review | Jun 2024
High inflation is a primary macroeconomic driver of cargo crime patterns and the rise in food and beverages as a stolen commodity is one such indicator, according to annual Cargo Theft Report 2023.
The annual report published in March 2024 by TT Club and BSI SCREEN Intelligence said the risk landscape is constantly evolving and becoming more dynamic, with attributes such as macroeconomic factors, geographic influences, commodity prices and peaks and troughs in freight volumes all playing an intrinsic role.
This is the fourth edition of the annual report that serves as cautionary advice to all concerned with supply chain security. It also provides mitigation recommendations to combat these threats which are likely to persist.
The annual report said bad actors are also changing their ways, with their needs, level of organisation, deepening knowledge of the supply chain, usage of technology to facilitate access to cargo and deployment of countermeasures to security devices.
BSI practice director Tony Pelli said, “Cargo theft is a problem that costs companies tens of billions of dollars each year and can cause significant disruption to important supply chains, from pharmaceutical products to semiconductors. Having accurate and up-to-date intelligence and pinpointing the locations and types of theft that are most likely to harm global supply chains is the first step in combatting this problem.”
The report in addition to details of the global trends in commodities stolen and types of theft also provides a series of case studies drawing attention to prevalent regional or country-specific dangers. It also details crimes that employ various types of fraud, including identity theft, fictitious pick-ups and drop-offs and credit fraud. M