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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, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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Showing 51 to 55 news of total 6871 |
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- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- PTC India Limited - India
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
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