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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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Monday, 14 June 21
'WISHFUL THINKING': WHY CHINA NEEDS AUSTRALIAN IRON ORE FOR 'MANY YEARS' TO COME - YAHOO FINANCE AU
A “wintry period”.
That’s what’s expected to happen to Australia’s economy “when” China st ...
Sunday, 13 June 21
COAL AND LNG’S SURGE IN ASIA PLAYS INTO RENEWABLE ENERGY HANDS - REUTERS
Liquefied natural gas (LNG) and thermal coal prices in Asia have been roaring ahead in recent months amid strong demand, but while welcome news for ...
Friday, 11 June 21
5 REASONS GLOBAL SHIPPING COSTS WILL CONTINUE TO RISE - ING
No short-term relief
Shipping costs have been growing strongly since the autumn of 2020, but the first months of this year have seen a new surg ...
Friday, 11 June 21
ASIA COAL PRICES SURGE, BUT CHINA-AUSTRALIA DISPUTE MEANS RALLY IS UNEVEN - REUTERS
Thermal coal prices across Asia have surged to multi-year highs amid strong demand and some supply constraints, but some types of the fuel have don ...
Thursday, 10 June 21
INDONESIA COAL EARNINGS RECOVERY TO SLOW AFTER STRONG 1Q - FITCH RATINGS
Fitch Ratings expects the recovery in operating and financial performance of Indonesian coal miners and coal contractors to slow during rest of 202 ...
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- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- The University of Queensland
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Planning Commission, India
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Parliament of New Zealand
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- VISA Power Limited - India
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
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