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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, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- PTC India Limited - India
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Anglo American - United Kingdom
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
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