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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, 15 July 21
U.S. FOSSIL FUEL CONSUMPTION FELL BY 9% IN 2020, THE LOWEST LEVEL IN NEARLY 30 YEARS - EIA
U.S. fossil fuel consumption fell by 9% in 2020, the lowest level in nearly 30 years
In 2020, total consumption of fossil fuels in t ...
Thursday, 15 July 21
IN 2020, U.S. COAL PRODUCTION FELL TO ITS LOWEST LEVEL SINCE 1965 - EIA
U.S. coal production totaled 535 million short tons (MMst) in 2020, a 24% decrease from the 706 MMst mined in 2019 and the lowest level of coal pro ...
Wednesday, 14 July 21
MARKET INSIGHT - INTERMODAL
In its latest Global Economic Prospects report, the world bank recorded the strongest post-recession global growth in 80 years, but emerging and de ...
Tuesday, 13 July 21
JAPAN STILL SEEKING TO EXPLOIT COAL POWER LOOPHOLES - IEEFA
JBIC wants to continue burdening developing nations with its expensive coal-fired power technology
Japan is continuing to push its expensive c ...
Sunday, 11 July 21
COAL SHOWS ITS STAYING POWER AS ECONOMIES BOUNCE BACK - THE WALL STREET JOURNAL
Coal use is surging in some of the world’s largest economies as electricity demand rebounds from the pandemic, illustrating the challenges to ...
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- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- The University of Queensland
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Marubeni Corporation - India
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
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