A major limitation to the use of wireless sensor networks (WSNs) in asset monitoring applications is security and privacy, particularly the privacy of source location information. In this article, we develop two phantom routing-based solutions to provide source location privacy for the case of multisource/asset scenario-the case that has received very little attention in the literature. The idea of phantom routing is to relay the packets to a distant node in a random fashion to obfuscate the traffic flows and confuse the attacker. The first technique phantom routing-based backward random walk (PRBRW) uses a combination of backward random walk (RW) and a greedy forwarding approach to route the packets to the base station (BS). Although the first approach has better performance improvements in terms of capture ratio and safety period it hampers the lifetime of the network and has a poor entropy metric. To better this problem, an improved phantom routing scheme phantom routing-based L-path RW (PRLPRW) is proposed. The second technique has three phases: 1) pure RW; 2) L-walk; and 3) greedy walk. This technique performs well in terms of capture ratio, safety period, and entropy metrics. The improvement in network lifetime is 10-folds and entropy is 477-folds when compared with PRBRW. The performance is evaluated using the developed analytical models and compared with the baseline protection-less scheme shortest path routing (SPR). It is observed that PRBRW and PRLPRW, respectively, have 60- and 73-fold improvements in terms of capture ratio when compared with SPR, whereas existing phantom routing-based pure RW and forward RW techniques, respectively, have only 54- and 34-fold improvements.