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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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Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- White Energy Company Limited
- The University of Queensland
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Planning Commission, India
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
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