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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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Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
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- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- The University of Queensland
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
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