CargoNet reports $304.6M in losses, Scott Cornell says Q2 theft drop is no trend yet

Fewer cargo theft reports did not mean smaller losses during the second quarter, according to Verisk CargoNet's analysis . The intelligence network documented 677 incidents across the United States and Canada. That total fell 26% from Q2 2025. It also dropped 14% from the previous quarter.

Estimated cargo losses nevertheless climbed to $304.6 million during the three-month period. That figure more than doubled the $135.7 million reported during Q2 2025. The average reported commodity value reached $564,009. Several multimillion-dollar thefts involving metals and enterprise technology heavily influenced that average.

"Lower incident volume should not be mistaken for lower risk," Keith Lewis, Verisk CargoNet's vice president of operations, said. "The groups driving the largest losses are not necessarily trying to steal more freight; they are trying to identify the right shipment." Lewis pointed to metals and enterprise technology as areas attracting organized theft groups. Those shipments can offer major value and established resale opportunities.

Scott Cornell, EVP, Crime and Theft Specialist at SPG Cargo & Logistics and chair of TAPA Americas , discussed the results during a recent FreightWaves interview. He described the decrease as welcome news after years when theft activity stayed elevated. Cornell also urged the industry to avoid treating one quarter as proof of a broader shift. "It's not going to be a trend until we see it for maybe two or three quarters consecutively," Cornell said.

Cornell noted that cargo theft numbers have historically moved up and down. He said recent law-enforcement arrests could be contributing to the quarterly decrease. Those efforts included operations in New York, New Jersey, California and Canada, along with FBI and Homeland Security cases. Cornell called the results from law enforcement and private-sector cooperation encouraging.

CargoNet's data showed declines in physical thefts involving loaded equipment and non-delivery schemes. Those schemes involved bad actors acquiring established motor carriers, booking freight under their operating authority, then failing to deliver it. California and Texas recorded notable reductions in that activity. Theft classifications dropped from 488 events during Q2 2025 to 378 this year.

Fictitious pickup incidents moved far less, falling from 165 reports to 158. CargoNet also found steady activity involving business email compromise and shipment misdirection. Compromised accounts can expose shipment details, contact directories and transportation-management tools. Criminals can then impersonate trusted parties or alter load information.

Metal theft increased from 54 incidents during Q2 2025 to 80 this year. Copper remained the most frequently targeted metal. Aluminum, nickel, tungsten and other specialized materials also drew increased attention. Cornell noted that CargoNet's numbers placed metals second among commodity categories, behind food and beverage.