Material & equipment theft has steadily become one of the most prevalent forms of theft in North America. With rising raw material costs & precious metal prices, many different industries are frequently targeted for these types of crimes. However, industries that utilize security services are significantly less likely to become a victim. Our innovative remote security systems provide the premier solution for mitigating the ever-increasing threat of material & equipment theft.
The Prevalence of Material Theft
Material theft is a common occurrence on construction sites, where the cost of this crime in Canada totals approximately $46 million dollars annually, with $15-20 million of this total occurring in Ontario alone(1). This figure is much closer to $1 billion annually in the United States(2).
The construction industry is often targeted because there is often little to no security deployed to protect the property and assets contained within it. The most prevalent material stolen from construction sites is lumber, which has been a sought after commodity due to the 112% price increase over the last year(3). The increase of lumber prices are so significant that, according to CNBC, the average cost of building a house has risen by $16000-$30000(4).
Another commonly stolen material from a variety of industries is copper. Copper has seen a steady price increase of 209% over the last 10 years(5). The result of this rise in price is a dramatic increase in copper theft incidences; most notably on electrical sites and recycling plants.
Copper isn’t the only precious metal that has seen an increase in theft due to dramatically rising value & trade prices. Catalytic converters have become a primary target of precious metal thieves, due largely in part to the main 3 metals used in its conversion system; platinum, palladium, and rhodium. 5 years ago, palladium was worth only $500 an ounce, and in 2021, this precious metal is now worth $2800 an ounce(6). Platinum and rhodium have also seen similar price increases. Critical infrastructure & utilities, auto dealerships, recycling yards, and public transportation depots are just a few of the many industries that have turned to security to prevent theft, in relation to these rising metal costs.
Why is security against material theft important?
Material & equipment theft can have severe impacts on your projects or business. When theft on a construction site occurs, not only is the overall project budget affected, but the timeline for completion is affected as well. For example, if equipment or raw material is stolen from the site, the project will undoubtedly be delayed until the stolen material or goods are returned, or are repurchased
These disruptions can have negative effects on the construction company’s brand image and overall reputation. Clients tend to seek companies that are known to complete projects on time. Thieves often target construction sites due to the minimal risk of apprehension, which is a direct result of the lack of deploying a robust security program.
A study of 422 active burglars has shown that 60% will avoid any location with active security cameras, and 50% of burglars will abort mid-theft if security cameras are discovered(7). This study proves the importance of keeping your business secure, with a security solution tailored to safeguard your specific property and assets.
Where does Caliber fit in?
Our team of security professionals offer industry leading technology & total security solutions. Our revolutionary video monitoring units and remote video monitoring service have been proven to ward off crime, with an effective deterrence rate of 98%. We have achieved this by leveraging our security expertise, and implementing comprehensive training for the operating staff within our UL Certified video monitoring center.
Our industry leading monitoring center is where our operators work diligently to proactively identify and deter unwanted activity & crime, and report on any behaviour that occurs on site. Working in tandem with our proprietary remote video monitoring units, our team has engineered our new, innovative wireless alarm system: syncroDetect. This intrusion alarm system is capable of detecting intrusion attempts & movement within sea-cans, storage areas, equipment lockers, buildings or site trailers.
Any security related incident on your property is reported in the world’s first security information portal, syncroReports. This proprietary software allows our clients to stay up-to-date with their site security by viewing incident reports, accessing live monitoring feeds, and even taking advantage of syncroAlerts; a feature which will send incident reports & alerts straight to you and your team’s phones or devices via SMS or e-mail.
syncroPlates, another proprietary technology, is an intelligent database for storing license plates that are captured by our license plate reader cameras. This module is an exceptional tool for monitoring and recording vehicles on your site, which can assist in the prevention of material theft, and the apprehension of suspects if deterrence is not possible.
Overall, our solution to combat material theft is through offering total security coverage for any and all industries, properties, and assets.
References:
- 1. “Theft and Vandalism On Construction Sites”- Aviva, May 4th, 2018
- 2. “Construction site theft prevention” –Hitachi Capital, July 17, 2019
- 3, 4. “Thinking of a new wooden deck for spring? It may bust your budget”- CNBC, Diana Olick, Feb 10, 2021
- 5. “Copper Theft”- Canada’s Electrical Infrastructure, 2017
- 6. “Catalytic Converter thefts rise as metal inside ‘more valuable than gold’- CBC, Kate Bueckert, March 1st, 2021
- 7. “How to Protect your site and equipment form theft and vandalism”- Kevin Forestell, August 18, 2020