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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, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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Showing 76 to 80 news of total 6871 |
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- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- White Energy Company Limited
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Australian Coal Association
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
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