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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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Wednesday, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
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- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Bhushan Steel Limited - India
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Planning Commission, India
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Independent Power Producers Association of India
- ASAPP Information Group - India
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
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