Loss prevention in trucking starts with an understanding of what the most common targets of theft are in trucking: fuel theft, cargo theft and equipment theft. There are many means for criminals and drivers alike to commit theft from physical stealing to identity theft to credit card fraud. First, let’s explore the types of losses that are most labeled as theft in trucking.
Addressing Trucking Fuel Theft
One of the most common types of theft in trucking is fuel theft. Fuel theft occurs in a few specific ways: fuel card misuse and siphoning to name a couple. This issue is no small matter. In fact, fuel theft costs companies over $100 billion per year in loss.1 Fuel theft can happen because of driver misconduct or directly as a result of thieves breaking into fuel tanks to siphon gas.
How to Prevent Fuel Theft
Considering driver behavior, fuel cards and fuel card monitoring alongside proper training and education can be useful tools to prevent loss. When it comes to guarding against thieves, fuel sensors and anti-siphoning devices can be useful theft deterrents.
Lastly, security cameras in vehicles are valuable assets for monitoring the area around the vehicle and keeping track of drivers inside the vehicle. Dash cams are a great way to achieve this and they’re also helpful for improving vehicle safety.
Cargo Theft
In 2020, the pandemic saw cargo thefts hitting a 5-year high. Cargo theft occurs as pilferage (stealing a small portion of a cargo load) in about half of cases. Theft can also occur when an entire load or trailer is taken. Based on research by Sensitech, the data highlights how miscellaneous goods such as PPE and other items in short supply were targeted by thieves:
How to Prevent Cargo Theft
According to CCJ, the average cargo theft will cost a business $166,854.2 While it may not be likely that we’re able to prevent 100% of cargo theft, one way to mitigate the risk involved is to use dash cams and telematics solutions. Video proof and data about the location of the asset at the time of theft are information that may be required by cargo insurers to process a claim. And when cargo theft costs businesses $15 billion to $35 billion per year,3 recouping losses is a legitimate concern.
Preventing Equipment Theft
Talk CDL notes that there are 20 semi trucks stolen in the U.S. daily.4 Truck theft can happen when trucks are parked on company property as well as in the field. That’s why it’s critical to have in-vehicle monitoring systems and GPS tracking in place to keep a vigilant eye on your vehicle’s surroundings.
Fleet Improvements & Loss Prevention with GPS Trackit
The first step to preventing loss is monitoring and accountability. Here’s how one GPS Trackit customer Peter G. describes his experience and results with our solution:
“Since the installation of this program, accidents have been cut down drastically since the drivers know that the management is monitoring them via the fleet manager, and I know at the end of the day—I safely know where my vehicles are.”
If you’d like to learn more about how GPS Trackit can help to improve safety, increase productivity and reduce costs for your business, speak with one of our knowledgeable Fleet Advisors at 866-320-5810 or get a quick Custom Quote.
