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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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Thursday, 26 August 21
INDIA IMPORTED 17.06 MLN TONNES OF LPG IN 2020; UP 11.5% Y-O-Y
Global LPG trade remained fairly positive in 2020, despite the global economic impact from COVID-19, and surged strongly in the first half of 2021. ...
Thursday, 26 August 21
MARKET INSIGHT - INTERMODAL
24th of August 2021, the Baltic Dry Index reached 4,201, a YTD high and the highest since May 2010.
Cape 5TC daily average @ 51,472
...
Tuesday, 24 August 21
COAL PRICE RALLY TO PRESSURE CHINESE POWER GENCOS’ MARGINS FITCH RATINGS
Fitch Ratings expects the pressure on Chinese power generation companies’ (gencos) profit from the recent coal price surge to weaken their cr ...
Tuesday, 24 August 21
TIGHT POWER SUPPLY IN CHINA AMID STRONG DEMAND, HIGH COAL PRICES - FITCH RATINGS
China experienced tight power supply in 1H21 on stronger than expected power demand as economic activity continued to recover, Fitch Ratings says i ...
Monday, 23 August 21
CHINESE COAL PRODUCTION RISES 4.9 PCT IN 1ST 7 MONTHS OF 2021 - NBS
Official figures demonstrated that the Chinese raw coal production surged 4.9 percent annually to 2.26 billion tonnes in the January-July period of ...
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- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- The University of Queensland
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- MS Steel International - UAE
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
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