The freight insurer's investment is seen as a significant initiative in developing a unified platform to help hauliers and drivers control the risks of theft and damage effecting the most vulnerable transport mode in the supply chain.

While many of the Western consumer economies tentatively explore the easing of social restrictions, the global supply chain environment remains significantly disrupted and operators continue to face many challenges. International freight insurer, TT Club seeks to guide them with advice for turbulent times.

As consumer demand and manufacturing production slows in many parts of the world, cargo, either in containers or stripped from transport units, is building up in warehouses, port terminals and inland depots. International freight and logistics insurer, TT Club warns of the additional risk this is bringing operators. 

Stakeholders in the international supply chain can find themselves unwittingly exposed to many types of fraud during the normal course of business. Connectedness provides fraudsters greater ease to transact and a lower risk of apprehension. The current pandemic-induced dislocation and additional logistics challenges simply increase the risks. Be alert!

Cargo theft continues to blight the international supply chain, giving rise to disruption, unpredictability and widespread financial exposures. Whilst there are obvious commercial impacts, the loss of cargo and ensuing insurance claims for example, studies continue to develop a greater understanding of the overall impact of cargo theft, both economic and societal. It is widely believed that organised criminal gangs are often the orchestrators of cargo theft and that the proceeds inevitably support other illicit trades.  

The second annual report on cargo theft worldwide, issued today by leading international transport and logistics insurer, TT Club and global provider of supply chain intelligence, BSI confirms the overwhelming targeting of cargo trucks compared to all other modalities.

The importance of implementing robust due diligence procedures, incorporating all aspects of your business, cannot be underestimated as key risk mitigation. If something appears too good to be true, then it probably is.
 

TT Club and BSI Supply Chain Services & Solutions have teamed up again to produce a full year analysis of cargo theft, together with some further loss prevention commentary to assist those considering how to combat this on-going threat.

Signum Services Limited (Signum) serves to conduct investigations worldwide on behalf of TT Club and its Members. This article draws on the experience and observations of these former senior detectives, with particular focus on crime in the UK.