Cargo theft losses in US and Canada double to $304.6 million

Cargo theft losses in Canada and the United States surged to an estimated $304.6 million in Q2 2026, more than doubling the $135.7 million reported in Q2 2025. Despite this financial spike, the total volume of individual cargo thefts decreased by 26% year-over-year.

This trend indicates that criminal syndicates are becoming more efficient by targeting high-value freight such as raw metals (copper, aluminum, nickel, and tungsten), enterprise-grade networking equipment, and cryptocurrency mining hardware.

Criminal tactics have shifted from purely physical theft at truck stops and rail yards to sophisticated digital methods. These include phishing, business email compromise, identity fraud, and the manipulation of online marketplaces to misdirect shipments. In response, cargo underwriting is evolving to include policy riders for fraudulent pickups and social engineering risks.