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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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Tuesday, 25 May 21
KOREA SOUTHERN POWER INVITED BIDS FOR 870,000 MT OF MIN 5300 NCV COAL FOR 2021 TO 2023.
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 870,000 MT of Min 5,300 kcal/kg NCV coal for Augu ...
Tuesday, 25 May 21
CHINA’S COAL OUTPUT RISES IN FIRST FOUR MONTHS - XINHUA
China’s raw coal output rose 11.1 percent year on year to 1.29 billion tonnes in the first four months of 2021, official data showed.
&nb ...
Tuesday, 25 May 21
MARINE SHIPPERS BULK UP: ANOTHER GAME OF CHICKEN IN THE WORKS? - THE KOREA TIMES
Global shipping companies have been placing orders for large ships, with many anticipating further increased competition within the next three year ...
Friday, 21 May 21
MARKET INSIGHT - INTERMODAL
The dry bulk market’s counter seasonal surge so far into the first half of the year -in a sort of 2010 manner - and Capesize’s recent r ...
Wednesday, 12 May 21
U.S. COAL PRODUCTION TO INCREASE BY 43 MMST IN 2021 TOTAL 582 MILLION SHORT TONS - EIA
U.S. energy Information Administration expects U.S. coal production to total 582 million short tons (MMst) in 2021, 43 MMst (8%) more than in 2020. ...
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- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- The University of Queensland
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- PTC India Limited - India
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Australian Coal Association
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Planning Commission, India
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
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