The Business Disruption
Cargo theft is a significant risk for companies that globally transport products by land, air and sea. When goods are in transit, both cargo and carrier are potentially vulnerable, and may become targets for criminals worldwide. Stolen cargo can cause a company serious financial losses in profitability, tarnish brand image, increase insurance costs, diminish customer loyalty, and other tangible business costs. In a recent study analyzing cargo theft in the pharmaceutical market, it was uncovered that “other” costs actually contributed up to five times the value of the actual stolen shipment. FreightWatch International (FWI) offers a number of solutions to help companies mitigate these risks around the globe.
Prevalence of Cargo Theft
FreightWatch International reports that the average stolen shipment is valued at over $230,000, thus cargo crime represents a lucrative criminal enterprise.
Supply chain vulnerabilities are common. For example, lack of secure truck stops puts customers’ supply chains at risk, and fosters a high percentage of annual cargo thefts. Criminals tend to keep their crime and resale markets within close proximity, making turnaround on cargo theft a quickly profitable illicit business. As cargo security becomes more refined, FWI reports that cargo theft increases in criminal sophistication. For example, fictitious pickups have become a common approach to cargo theft. Hard to identify and not always reported by targeted customers, fictitious pickups epitomize sophistication from impersonated drivers to fake carrier companies. FWI has also observed a measured increase in Facility Thefts, which typically offer inventory-rich yields for criminals.
FreightWatch International Solutions
FWI SHIELD delivers continuous, real-time active monitoring of shipments from point-of-origin to destination through embedded tracking technology and management. FWI SHIELD mitigates risk by driving compliance through stringent, pre-defined, security protocols and close interaction with drivers and dispatch.*
FWI ALERT provides real-time active monitoring during high-risk portions of a route, in conjunction with continuous event-driven alerts, based on route deviations and start/stop events.*
FWI RECOVERY is a monitoring program utilized for cargo-theft recovery and security-breach response incidents. Through the engagement of FreightWatch International’s Emergency Response Team, contact is made with local law enforcement to coordinate the recovery of stolen goods.
*Recovery service is included in FWI SHIELD and FWI ALERT programs.
Counter Cargo Theft
With over 17 years of experience, FWI has a proven track record of proactive monitoring to prevent cargo theft, along with a cargo recovery rate unmatched in the industry. The FWI team of highly skilled logistics professionals has developed sophisticated programs and advanced technologies that work collaboratively to thwart risk. At the same time, the teams cultivate and utilize actionable intelligence and law enforcement networks to further prevent and respond to cargo theft. FWI’s integrated security programs are successful because of the pro- prietary devices, sophisticated software technology, comprehensive security measures, processes and systems that are combined with a long-standing corporate security culture. The FWI staff of ex-law enforcement and military professionals spans global borders. Our in-depth, collaborative, global effort yields meticulous performance and delivers the highest levels of cargo security to our customers.
Cargo Theft Intelligence
FreightWatch International is continuously analyzing cargo theft and supply chain risk data and reports around the world in order to provide up-to-date, actionable intelligence that is crucial for customers to make informed supply chain security decisions. Sources include – but are not limited to - FWI’s own databases, customer contributions, law enforcement agencies, industry professionals and organizations, insur- ance sources, and news reports.
An Integrated Approach
FreightWatch International security solutions involve the four tenets of FreightWatch International’s integrated approach to security – monitoring services from our global Command & Control Centers (C3), site-specific security Program Management, leading-edge Tracking Technology, and the incorporation of actionable Intelligence. The collaboration between the Intelligence Center Analysts, C3 Representatives, Program Managers, and Technical Engineers tailors a security program that mitigates the risks associated with theft, spoilage, diversion, counterfeiting, and helps to shape a customer’s security decisions.