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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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Sunday, 11 July 21
ROBUST CHINA COAL DEMAND AMID AUSTRALIA IMPORT BAN FUELS PRICE RALLY - REUTERS
Seaborne coal has become a quiet winner among energy commodities, lacking the attention of higher-profile crude oil and liquefied natural gas (LNG) ...
Saturday, 10 July 21
OVERESTIMATED LCOES OF COAL-FIRED POWER PLANTS CREATE A FINANCIAL BUBBLE - IEEFA
Massive stranded asset risk detrimentally affects the financial and power distribution
India’s future coal-fired power project pipeline ...
Friday, 09 July 21
EIA FORECASTS COAL’S GENERATION SHARE IN U.S TO RISE FROM 20% IN 2020 TO 24% THIS YEAR BUT TO FALL TO 22% NEXT YEAR
The July Short-Term Energy Outlook (STEO) of EIA remains subject to heightened levels of uncertainty related to the ongoing economic recovery from ...
Friday, 09 July 21
KOREA SOUTH-EAST POWER CO., LTD. INVITES BIDS FOR 1.86 MILLION TONS OF COAL OF 5600 & 4000 NCV COAL FOR THREE YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 280,000 – 300,000 MT of Min. ...
Friday, 09 July 21
CAN WE EXPECT AFFORDABLE POWER SUPPLY BY REPLACING COAL BASED POWER WITH LNG? - FINANCIAL EXPRESS
Bangladesh government’s recent decision to cancel the contracts for 10 coal fired power plants in late June 2021 has invited interest in the ...
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- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- VISA Power Limited - India
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Minerals Council of Australia
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
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