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Tuesday, 17 January 23
FRAUD IS THE BIGGEST THREAT TO CARGO LOSSES - TT CLUB
The almost exclusive use of online facilities to process business transactions allows a myriad of fraudulent pursuits to find opportunities within the complexities of the global supply chain. These have many manifestations; from payment fraud that involves existing mandates and impersonation of executives to procurement fraud featuring false invoicing.
Carrier fraud, in which criminals imitate hauliers and other sub-contractors, including drivers with falsified documents, accounted for 84% of TT claims involving fraud or deception in 2022. TT is eager to pinpoint these risks and offer advice to industry on how to not just identify potential fraud but to minimise and avoid losses through them.
“No one – from freight forwarders, shippers, and carriers to container owners and logistics, ports, warehouse and depot operators – should underestimate how lucrative an industry fraud is. Using sophisticated, low-risk tactics, fraudsters can easily steal large amounts of money or consignments of cargo,” says Mike Yarwood, Managing Director, Loss Prevention at TT.
“Incidents of fraud that target international supply chains across the globe are not perpetrated by opportunistic criminals working in isolation but in the majority of cases the work of sophisticated organised crime gangs. They have well-honed methodologies that are adaptable in the face of detection devices and changes in operating procedures, as the experience of recent disruption to the freight transport system has proved. Our awareness and readiness to protect our businesses must be stepped-up.”
TT has produced significant resources* to assist operators to shield themselves from fraudulent activities as it sees 15% of its cargo theft claims arise from fraud or deception. Specific examples include the intentional submission of false invoices purportedly from an established supplier but actually generated by a fraudster infiltrating the online payment system and duplicated or inflated invoices. Other cases, falling into the category of mandate fraud, experience criminal deception by manipulation of bank transfer details by a fraudster pretending to be an organisation paid regularly by the operator by hacking into the victim’s email traffic and imitating a genuine supplier alter bank transfer details for payment of a legitimate invoice.
TT found however that carrier fraud dominated its claims of this type last year. There are instances of fake carriers intercepting haulage instructions from forwarders or shippers and posing as the authentic carrier; also falsifying cargo pick-up or delivery documentation to steal loads.
One common tactic is where fraudsters pose as a forwarders using a freight exchange site and provide false instructions to a driver. They match a legitimate haulier to a shipper, facilitating the movement of goods. The fraudster then acts as a ‘middle man’ between these two legitimate companies, arranging the collection and directing the driver. Once the trucker has collected the goods, the fraudster provides new instructions to deliver to an alternative address where the cargo is stolen.
“A key aspect of this scenario is that the driver and the shipper are not in direct contact with one another,” explains Yarwood. “To avoid incidents such as this and other frauds it is crucial to make employees aware of the possibilities, to take extra care to verify documentation and instructions directly with customers and/or trusted partners, especially in pressure situations where carrier options might be in short supply or when there are particular time constraints.” He advises.
These are but samples of the various modus operandi employed by those intent of defrauding supply chain businesses. TT is determined to maintain a flow of information designed to help the industry combat such practices and to underline both their extent and devious nature in order to reduce financial losses and further disruption to fragile supply chains.
Source: TT Club
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Planning Commission, India
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- The University of Queensland
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- White Energy Company Limited
- Ministry of Mines - Canada
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- GMR Energy Limited - India
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