Cargo thefts drop but high-value loads push losses to $304.6M as thieves pivot to tech, metals

Cargo theft incidents in the U.S. and Canada fell 26% year-over-year in Q2 2026 to 677 reported cases, according to Verisk CargoNet’s latest report. While the number of thefts declined, estimated losses surged 125% to $304.6 million, driven by multimillion-dollar shipments of high-value freight. The average loss per incident hit $564,009, a figure skewed by targeted thefts of enterprise-grade technology, electronics, and metals. Organized crime groups are increasingly focusing on high-value loads rather than volume, exploiting vulnerabilities in freight broker systems and supply chains. Keith Lewis, Verisk CargoNet’s vice president of operations, warned that fewer incidents do not equate to lower risk. “The groups driving the largest losses are not necessarily trying to steal more freight; they are trying to identify the right shipment,” Lewis said. The report highlights a shift in tactics, with criminals hijacking entire freight broker systems by sending malware-laden documents disguised as carrier packets. Freight brokers unknowingly open these files, granting criminals access to their systems and allowing them to pinpoint and target high-value loads. Ryan Kiefer, lead specialty investigator at Travelers, noted that while overall reported incidents are slightly down, thieves are now more focused on higher-value cargo. The trend aligns with industry expectations, as criminals increasingly pursue shipments of data center equipment, AI hardware, cryptocurrency mining gear, and other high-value electronics. Danny Ramon, director of intelligence and response at Overhaul, emphasized that avoiding low-hanging fruit is no longer sufficient. “We’ve got folks now who are targeting some very specific merchandise,” Ramon said. The Overhaul Q2 2026 Cargo Theft Report recorded 605 incidents in the U.S., a 5% decline from the prior year but a 5% increase from Q1 2026. The average value per load is rising due to inflation, manufacturing costs, and the growing desirability of high-value electronics. Scott Cornell, chairman of the Transported Asset Protection Association, described the average loss per theft as a “spiked number,” driven by targeted technology thefts that often involve shipments worth several million dollars. Cornell also noted that sophisticated international crime rings have created a global economy around cargo theft, taking orders and fulfilling client demands. Federal enforcement actions, such as stricter non-domiciled CDL requirements and English-language proficiency rules, may have reduced opportunities for theft rings to infiltrate the trucking industry. Kiefer suggested that these measures have pushed criminals away from traditional driver-based thefts, as fewer drivers are now willing to risk their livelihoods by participating in high-risk operations.