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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, 01 July 21
END TO COAL POWER BROUGHT FORWARD TO OCTOBER 2024
Press Release: The deadline to phase out coal from Great Britain's energy system has been brought forward by a whole year, highlighting the UK& ...
Thursday, 01 July 21
WHY BUILD 600 NEW UNPROFITABLE COAL PLANTS? - DEUTSCHE WELLE
Governments in Asia are planning 600 new coal plants that could lose investors $150 billion and derail efforts to limit temperature rise in line wi ...
Thursday, 01 July 21
FIVE ASIAN COUNTRIES ACCOUNT FOR 80% OF NEW COAL POWER INVESTMENT - THE GUARDIAN
Five Asian countries are jeopardising global climate ambitions by investing in 80% of the world’s planned new coal plants, according to a rep ...
Wednesday, 30 June 21
DELTA DUNIA MAKMUR RECORDED AN IMPROVED REVENUE IN Q1 2021; REVENUE INCREASED BY 49% QOQ TO US$160 MILLION ON THE BACK OF COAL PRICE RECOVERY
PT Delta Dunia Makmur Tbk. (“DOID”) released its consolidated financial and operating results that include its primary and wholly-owned ...
Wednesday, 30 June 21
BUMA SIGNED MINING AGREEMENT WITH ADARO
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into an agreement for the p ...
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- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Mercator Lines Limited - India
- CNBM International Corporation - China
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- White Energy Company Limited
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- The University of Queensland
- Australian Coal Association
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Anglo American - United Kingdom
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