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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, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
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