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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, 10 June 21
U.S. COAL PRODUCTION TO TOTAL 600 MMST IN 2021, 11% MORE THAN IN 2020 - EIA
EIA expects U.S. coal production to total 600 million short tons (MMst) in 2021, which is 61 MMst (11%) more than in 2020.
The increase is dri ...
Wednesday, 09 June 21
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
The In-Person Maritime Event
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
culminates successfully in Dubai
Press Release: ...
Wednesday, 09 June 21
MARKET INSIGHT - INTERMODAL
“Counter cyclical investments.” usually take place by investing in a “bad” market at the point that ensures that the acquir ...
Saturday, 05 June 21
KOMIPO INVITED 5600 NAR COAL OFFERS FOR THREE YEARS SUPPLY; 520,000 MT PER YEAR
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Saturday, 05 June 21
IT'S TIME FOR THE BIDEN ADMINISTRATION TO CHAMPION RENEWABLE ENERGY IN THE PHILIPPINES, NOT NUCLEAR OR FOSSIL GAS - IEEFA
Fossil gas and nuclear investments risk locking in costly, outdated infrastructure for the long-term
The United States has spent the ...
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- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Australian Coal Association
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
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