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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, 30 June 21
MARKET INSIGHT - INTERMODAL
The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a ...
Monday, 28 June 21
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA THREATENS TO REVOKE 2,350 MINING BUSINESS PERMITS
The Ministry of Energy and Mineral Resources said that the revocation of mining business permits was in accordance with President Jokowi's inst ...
Sunday, 27 June 21
INDONESIA'S STATE-OWNED UTILITY PLN'S 2060 NET ZERO AMBITION NOT WITHOUT FLAWS AND GAPS - IEEFA
Indonesia on the right emissions reduction pathway but same old coal stories persist
Recent announcements by Indonesia’s state-owned uti ...
Saturday, 26 June 21
COAL PRICES HIT DECADE HIGH DESPITE EFFORTS TO WEAN THE WORLD OFF CARBON - WSJ
Rebounding electricity usage and scanty rainfall in China have added fuel to the rally
Coal prices have climbed to their highest lev ...
Saturday, 26 June 21
KOSPO INVITED BIDS FOR 480,000 MT OF COAL PER ANNUM
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 480,000 MT of NCV 1 Min. 5,600 (Spec 1) /Min. 5,0 ...
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- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- The University of Queensland
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Renaissance Capital - South Africa
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