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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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Wednesday, 28 July 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during this first half of the year, we continue to come across surprises and new restrictions which are trembling ...
Saturday, 24 July 21
UNDERSTANDING INDIA'S LATEST PEAK POWER DEMAND RECORD - IEEFA
Ramping up solar will be crucial as peak power demand hits during the day
At around noon on 7 July 2021, India’s instantaneous ...
Wednesday, 21 July 21
MARKET INSIGHT - INTERMODAL
Dry Buk Sales and Purchase activity has heated up during 2021, reaching record high levels during the first half of the year. The increased interes ...
Monday, 19 July 21
CHINA'S COAL OUTPUT UP 6.4 PCT IN H1 - XINHUA
China’s raw coal output climbed 6.4 percent year on year to 1.95 billion tonnes in the first six months of the year, official data showed.
...
Saturday, 17 July 21
COAL PRICES TRADE AT DECADE HIGH OF $140 PER TONNE, HERE ARE SOME FACTORS AT PLAY: CNBC-TV18
Coal prices are trading at $140 per tonne. In the last one week, coal has seen more than 8 percent gains; the last one month has seen 24 percent ju ...
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- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- VISA Power Limited - India
- ASAPP Information Group - India
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
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