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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, 08 July 21
STRONGEST HALF YEAR FOR SHIPPING MARKETS SINCE 2008 - CLARKSONS
A year on from peak trade disruption, we update our half year report for the shipping industry profiling a strong recovery and some exceptional ind ...
Tuesday, 06 July 21
INDONESIA COAL PRICE REFERENCE RISES TO 112 MONTHS HIGH IN JULY 2021; 121.15% HIGHER COMPARED TO THAT IN JULY 2020 PRICE
COALspot.com: The Indonesia coal price reference for July 2021 fixed at US$ 115.35 per ton FOB vessel.
The Indonesia coal price referenc ...
Tuesday, 06 July 21
INDONESIAN COAL EXPORTS FELL BY 37% YOY IN 1Q21 DUE TO ADVERSE WEATHER CONDITIONS - FITCH RATINGS
Chinese coal imports declined by 25% yoy in 5M21as a result of both restrictions on Australian coal and the high base in 2020. Import volume in Jan ...
Tuesday, 06 July 21
INDONESIAN 4,200 INDEX HAS ALSO INCREASED TO OVER USD50 PER TONNE SINCE MAY THIS YEAR REFLECTING STRONG CHINESE IMPORT DEMAND - FITCH RATINGS
Price Surge Since March
APAC thermal coal has resumed its price surge since March this year. The benchmark Newcastle 6,000kcal/kg grade c ...
Thursday, 01 July 21
WHY INDIA’S SOLAR POWER TARIFFS ARE CLIMBING AFTER HITTING RECORD LOWS LAST YEAR - IEEFA
What’s behind the recent increase?
Solar tariffs are deflationary. Prices have fallen by 75% in seven years in India, and in 2 ...
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- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- White Energy Company Limited
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Planning Commission, India
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
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