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Cargo Theft Soars: Digital Fraud Costs Billions in 2024

2/5/2026

29 4 Full Breakdown

Summary

Story summary

International Union of Marine Insurance (IUMI) warns cargo theft and freight fraud surge from digital tools.
Criminals shift from physical theft to online fraud, including Artificial Intelligence (AI), driving billions in losses.
In 2024, North America reported $455 million in cargo theft losses and over 3,600 incidents.
Bank of Ireland reported a record in contactless payments and prevented €9.7 million in fraud via AI.

History

Historical Context

In 2024, North America experienced $455 million in cargo theft losses, with over 3,600 incidents reported, reflecting a shift from physical theft to digital fraud. This trend mirrors the rise in maritime piracy, which saw 116 incidents globally, particularly in the Gulf of Aden. These developments highlight the urgent need for enhanced cybersecurity in logistics and banking sectors to combat evolving threats.

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Story summary

International Union of Marine Insurance (IUMI) warns cargo theft and freight fraud surge from digital tools.
Criminals shift from physical theft to online fraud, including Artificial Intelligence (AI), driving billions in losses.
In 2024, North America reported $455 million in cargo theft losses and over 3,600 incidents.
Bank of Ireland reported a record in contactless payments and prevented €9.7 million in fraud via AI.

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