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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, 27 May 21
CHINA POWER DEMAND EXCEEDS PRE-COVID-19 LEVELS; THERMAL OUTPUT STRONG - FITCH RATINGS
Rising Consumption: Total power consumption rose by 21.2% yoy to 1,921.9GWh in 1Q21 due to the fast recovery of China’s economy, after a drop ...
Thursday, 27 May 21
CHINA'S POWER DEMAND EXCEEDS PRE-PANDEMIC LEVELS; RENEWABLES TO DRIVE DEVELOPMENT - FITCH RATINGS
China's power consumption exceeded the pre-Covid-19 levels in 1Q21 due to the country's fast economic recovery, with strong output from the ...
Wednesday, 26 May 21
THE INDONESIA COAL PRICE REFERENCE FOR MAY 2021 SETTLES AT US$ 89.74 PER TON
COALspot.com: The Indonesia coal price reference for May 2021 settles at US$ 89.74 per ton FOB vessel.
The Indonesia coal pric ...
Wednesday, 26 May 21
MARKET INSIGHT - INTERMODAL
Last year crude tankers’ newbuilding contracting activity was devastated by the economic effects of the Covid-19 pandemic and the cloud of un ...
Wednesday, 26 May 21
NEW POWER AND ENERGY MASTER PLAN MUST BE DESIGNED IN BANGLADESH'S BEST INTERESTS, NOT JAPAN'S - IEEFA
JICA must deliver a low or zero emissions plan as promised, not fund Matarbari 2 coal plant
Clear understandings from the Bangladesh ...
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- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- The University of Queensland
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
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