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Cargo crime risks increasing and evolving

Insurance specialists highlight supply chain disruptions and highly organised crime gangs targeting goods that are in market demand and easily sold

Cargo crime risks are rising and evolving, with insurance specialists highlighting higher risks associated with the current supply chain disruptions and highly organised criminal gangs targeting goods that are in market demand – including, increasingly, lower-value goods that are easily sold.

Freight insurance and risk management specialist TT Club said the risk of loss or damage to goods in the global supply chain “has never been more prevalent”, announcing it is launching a series of six podcasts to draw attention to the variable and complex nature of these risks and offer increased guidance on loss prevention”.

David Thompson of Signum Services, the in-house investigative arm of TT’s managers, Thomas Miller & Co, observes that “organised crime has never been so organised” noting: “Much cargo crime is perpetrated by well-oiled business-like machines that target goods that are in market demand and easily converted into cash. They are well-informed and adapt quickly to new transport trends, spotting opportunities with intelligence and resource.”

Among identified trends apparent during the recent lockdowns has been a move away from the theft of higher value, more easily traced goods, such as electronics and domestic appliances, to food and drink commodities that have had a ready market, TT Club said. Thieves have also noted and exploited the congestion in the supply chain that has increased the use of temporary warehousing and storage sites that are not always as secure as established premises, TT Club said, with its second series of podcasts addressing “these along with a range of other risk pinch points”.

TT Club noted: “Keeping ahead of, or more often, up with the variable modus operandi that criminal organisations employ, and combating the threats to cargo assets they enable, are major tasks and are the challenges that TT Club’s loss prevention resources are posed to face through increased awareness and guidance on protective action.”

Source: Lloyds Loading List

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