Cargo theft is no longer just about stolen trucks — it is about forged paperwork that moves money without moving freight. According to FreightWaves, citing Verisk CargoNet data, supply chain cargo theft losses surged to over $304.6 million in the second quarter, more than doubling from the prior-year period, even as reported incidents fell 26% year over year to 677 incidents across the United States and Canada. The same report details a Little Debbie snack fraud scheme in which a West Virginia man allegedly collected commissions on deliveries that never happened.
Losses double while incident count drops
The Q2 numbers, published by FreightWaves on August 10, 2026, present a split picture. Verisk CargoNet documented 677 incidents across the U.S. and Canada during the quarter — down 26% year over year in volume — but the sharp rise in dollar losses signals that individual thefts are growing significantly more costly, according to FreightWaves.
| Metric | Q2 figure | Year-over-year change |
|---|---|---|
| Cargo theft losses | $304.6 million | More than doubled |
| Reported incidents (U.S. & Canada) | 677 | Down 26% |
| Estimated unreported thefts per reported incident | Approximately 6 | — |
(The FreightWaves headline frames this data as Q2 2026, while the article body text refers to the second quarter of 2024.)
Why official figures undercount cargo crime
The disconnect between falling incident counts and soaring losses points to a broader problem: industry observers believe official figures drastically undercount the true scope of cargo crime, according to FreightWaves. At a recent fraud summit, participants cited estimates suggesting that for every theft incident officially reported, roughly six more go unreported.
“There’s some crazy stat that it’s only a minority of incidents, so it’s much bigger than I think the number that Verisk reported,” one of the FreightWaves hosts said.
The underreporting dynamic is driven in part by carriers and shippers who prefer to resolve losses quietly rather than generate public claims data, a co-host on the FreightWaves segment noted. “If they can handle it themselves, they’re not going to create, one, the press release around the data, and two, the noise.” Verisk’s figures are drawn from official insurance claims, meaning self-handled losses fall outside the dataset entirely, FreightWaves reported.
Copper remains the top-targeted commodity
Copper held its position as the most targeted commodity for the second consecutive year, according to the CargoNet report cited by FreightWaves. The persistent focus on copper reflects its high resale value and the relative ease with which it can be stripped, transported, and liquidated outside normal supply chain channels, the report said.
Little Debbie fraud case: invoice forgery charges
On the fraud front, a West Virginia man faces 15 criminal charges in connection with a scheme targeting Little Debbie snack deliveries, FreightWaves reported. Authorities allege James Powell forged invoices and signatures to fabricate deliveries to retail stores in Washington County, Pennsylvania, collecting commissions on freight that never moved. Distributor Stewart Snacks has since reimbursed affected retailers and the manufacturer. Powell is currently undergoing extradition from West Virginia; all charges remain allegations, according to FreightWaves.
The case illustrates how invoice and signature fraud in distribution networks can go undetected long enough to require restitution up and down the supply chain, FreightWaves said.
What this means for procurement teams
For logistics directors and supply chain risk managers, the Verisk CargoNet data cited by FreightWaves contains two relevant signals. First, fewer reported incidents do not mean less financial exposure: total losses more than doubled in the quarter even as the incident count dropped. Second, because Verisk’s figures derive from official insurance claims, any thefts resolved quietly by carriers or shippers never appear in the dataset, meaning the $304.6 million figure is likely a floor, not a ceiling.
The Little Debbie case adds a documentation-control lesson. Forged invoices and signatures can generate commission payouts on freight that never moved, and the resulting restitution obligations can reach the distributor and the manufacturer. FreightWaves reported that Stewart Snacks has already reimbursed affected retailers and the manufacturer, underscoring how fraud losses ultimately flow through the trading partner network. The report’s key takeaway for the next planning cycle: tie payment release to verifiable proof of delivery, not just to invoices and signatures.
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