As one of the largest Internet of Things systems in the world, China’s expressway electronic toll collection (ETC) generates nearly one billion pieces of transaction data every day, recording the traffic trajectories of almost all vehicles on the expressway, which has great potential application value. However, there are inevitable missed transactions and false transactions in the expressway ETC system, which leads to certain false and missing rates in ETC data. In this work, a dynamic search step SegrDTW algorithm based on an improved DTW algorithm is proposed according to the characteristics of expressway ETC data with origin–destination (OD) data constraints and coupling between the gantry path and the vehicle trajectory. Through constructing the spatial window of segment retrieval, the spatial complexity of the DTW algorithm is effectively reduced, and the efficiency of the abnormal ETC data detection is greatly improved. In real traffic data experiments, the SegrDTW algorithm only needs 3.36 s to measure the abnormal events of a single set of OD path data for 10 days. Compared with the mainstream algorithms, the SegrDTW performs best. Therefore, the proposal provides a feasible method for the abnormal event detection of expressway ETC data in a province and even the whole country.