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Cargo thefts decline, but high-value loads drive bigger losses
Verisk CargoNet says fewer reported incidents did not translate into lower supply chain risk
Cybercriminals used to focus on purchasing FMCSA-issued motor carrier numbers. Now, entire systems are being compromised. (jxfzsy/Getty Images)
Key Takeaways:
- Verisk CargoNet reported 677 supply chain thefts in the second quarter, down 26% from a year earlier.
- Estimated cargo theft losses rose 125% to $304.6 million due largely to several multimillion-dollar shipments.
- Industry analysts said organized theft groups increasingly target high-value technology, electronics and metals freight.
A decline in cargo theft activity in the second quarter was offset by increased targeting of high-value loads, according to a recent report.
Verisk CargoNet found in its second-quarter report that supply chain thefts declined 26% from the prior year to 677 reported incidents across the U.S. and Canada. This was also down 14% from the first three months of 2026. However, estimated losses spiked 125% to $304.6 million from the $135.7 million reported last year, largely due to several multimillion-dollar loads.
“Lower incident volume should not be mistaken for lower risk,” said Keith Lewis, vice president of operations for Verisk CargoNet. “The groups driving the largest losses are not necessarily trying to steal more freight; they are trying to identify the right shipment.”
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The report highlighted metals and technology as major contributors to this rise. That includes organized groups continuing to target enterprise-grade computer and networking equipment, components and cryptocurrency mining hardware.
“It’s kind of following the trend we were expecting,” said Ryan Kiefer, director with the special investigations group at Travelers. “The industry is seeing a slight reduction in overall reported incidents, but we are seeing more targeting of higher-value loads.”
Entire systems at risk
Kiefer noted the thefts are orchestrated with increasingly sophisticated methods. He recalled how criminals used to focus on purchasing motor carrier numbers issued by the Federal Motor Carrier Safety Administration. Now, entire systems are being comprised.
“The bad guys are sending carrier packets to freight brokers with potential malware attached,” Kiefer said. “Freight broker opens it up, thinks they’re processing a W-9 packet, and now the bad guys have access to their system. Now they can look inside that freight broker system and pinpointedly target the loads they’re looking for.”
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Momentum for CORCA is building!
@ChuckGrassley and @SenatorDurbin are moving to attach the Combating Organized Retail Crime Act to the annual defense bill. @RepDaveJoyce is leading a bipartisan push in the House.
Cargo theft is a national security threat driven by… pic.twitter.com/NTk2NOITgP— American Trucking (@TRUCKINGdotORG) June 24, 2026
The Overhaul Q2 2026 Cargo Theft Report found similar results, with incidents declining 5% from the prior year to 605 recorded incidents in the U.S., which also marked a 5% increase from Q1 2026.
“What we’re seeing is that avoiding being the low-hanging fruit is no longer enough,” said Danny Ramon, director of intelligence and response at Overhaul. “We’ve got folks now who are targeting some very specific merchandise.”
Thieves eye electronics
The Overhaul report also found that the average value per load is increasing, largely due to more expensive electronics, such as data center equipment that is being used for artificial intelligence calculations at an industrial scale. Ramon noted that the higher value of this equipment makes it desirable for criminals.
He has also seen indications of the perpetrators being instructed on how to commit the theft.
“We’re seeing evidence … where it’s pretty obvious that the folks who are performing these thefts are being briefed and trained some way but don’t have a lot of field experience,” Ramon said. “They’ll have very specific knowledge about certain procedures that may be in place on high-security loads.”
Targeted technology thefts
Verisk CargoNet also noted that the average value among thefts reached $564,009 and that enterprise-level technology shipments frequently move through the supply chain as conventional dry freight despite often being worth several million dollars.
“That’s a spiked number,” said Scott Cornell, chairman of the Transported Asset Protection Association. “That’s really not going to be your average cargo theft. That number is spiked by these targeted technology thefts that we’ve seen.”
Cornell added that the average value of cargo has gone up generally because of factors including inflation and the cost of manufacturing. He views the more targeted approach as being the bigger influence behind that higher number, noting that thieves are particularly adept at pivoting to pursue the cargo that has the best return on investment.
Cornell said massive, sophisticated international crime rings “have created their own global economy around this. They’re taking orders, they have clients.”
Federal crackdown in effect
While numerous factors influence cargo theft trends, tougher enforcement of non-domiciled CDL requirements and English-language proficiency rules may have reduced opportunities for organized theft rings to infiltrate the trucking industry.
“For better or for worse, I think many of them are not driving anymore, and I think that reduced some of the numbers of the easier redirects for drivers who aren’t necessarily aware of who they’re driving for or what they’re doing,” Kiefer said. “I think the fewer drivers remaining are a little bit more conscious and aware because they don’t want to lose customers or loads.”
