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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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Friday, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
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 ...
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- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Economic Council, Georgia
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
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