Cargo theft losses top $304M despite fewer thefts in Q2: CargoNet

www.trucknews.com, August 6, 2026

Cargo theft incidents declined year over year across the United States and Canada in the second quarter of 2026, but the financial damage more than doubled as organized crime groups increasingly targeted high-value shipments such as metals and enterprise technology.

Verisk CargoNet recorded 677 cargo theft incidents during the quarter, down 26% from a year earlier and 14% from from Q1. However, estimated losses climbed to $304.6 million, more than double the $135.7 million reported in Q2 2025. The average reported loss reached $564,009, driven by several multimillion-dollar thefts.

“Lower incident volume should not be mistaken for lower risk,” said Keith Lewis, vice president of operations at Verisk CargoNet. “The groups driving the largest losses are not necessarily trying to steal more freight; they are trying to identify the right shipment. Their focus on metals and enterprise technology shows how closely organized cargo theft now follows value, demand and resale opportunity.”

Shifting tactics

CargoNet attributed the decline in thefts largely to fewer non-delivery fraud schemes — with most reductions in Texas and California — in which criminals assume the identity of legitimate motor carriers, accept freight with no intention of delivering it.

Compromise-based schemes, however, including business email compromise and shipment misdirection, remained relatively steady, indicating organized theft groups keep relying on cyber-enabled tactics to gain access to valuable shipments. CargoNet says it was the primary access point for many of the quarter’s most sophisticated cargo theft schemes.

The organization also recorded less organized activity targeting unattended, loaded equipment in major metropolitan areas such as South Florida and Dallas–Fort Worth.

The number of incidents classified as traditional cargo theft fell from 488 in Q2 2025 to 378, while fictitious pickup schemes declined only slightly, from 165 to 158.

Metals, tech among top targets

The decline in theft activity was not distributed evenly across commodities, as metals remained one of the most targeted cargo categories. CargoNet recorded 80 metal thefts, up from 54 a year earlier. Copper keeps being the most frequently targeted metal, while thefts involving aluminum, nickel, tungsten and other specialized industrial metals also increased.

Organized theft rings also continued targeting enterprise computer and networking equipment, as well as cryptocurrency mining equipment. These shipments are worth several million dollars but frequently move through the supply chain as conventional dry freight, creating a significant mismatch between their financial value and their ordinary transportation and security profile, CargoNet said.

The overall food and beverage theft, however, declined.

Thefts involving alcoholic and non-alcoholic beverages and mixed grocery products collectively fell by 36 events, while seafood theft moved in the opposite direction, increasing by 11 events. Verisk CargoNet also recorded substantial decreases in thefts of auto parts and tires, along with fewer thefts involving supplements, protein products and over-the-counter medications.

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