One of my former analysts at work had the converter stolen from his Toyota Tundra the first day he worked in our office. It happened in the middle of the day, and there were plenty of cameras on the lot. He didn't realize what had happened until he started his truck and it sounded like NASCAR. Thieves usually drive around to spot high clearance vehicles that are easy to get under. Once they find a target, a getaway driver will park down the street, while a thief carrying a Sawzall strolls back and cuts out the converter in less than 30 seconds. It's very slick and easy to do. The real problem is the recyclers who buy the catalytic converters (in quantity) with no questions asked. If there wasn't an easy place to sell them, the theft problem would reduce significantly.