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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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Monday, 17 July 23
APPROVED AMMONIA-FUELED CONTAINERSHIP - BENEFITS AND RISKS: REED SMITH
Following the news in Offshore Energy that Korea Maritime Consultants has secured approval in principle from the American Bureau of Shipping for it ...
Friday, 14 July 23
CLEAN COAL USE KEY TO DEEP CUTS IN EMISSIONS, STABLE ELECTRICITY SUPPLY - CHINA DAILY
China must push for the clean use of coal and step up integration of the dirty fuel with carbon capture, utilization and storage to achieve sustain ...
Thursday, 13 July 23
VIETNAM'S COAL EMISSIONS PRIMED FOR SURGE AFTER IMPORTS JUMP - REUTERS
Vietnam’s thermal power emissions are primed for a steep climb this summer after the country’s imports of thermal coal soared to their ...
Monday, 26 June 23
COAL PRODUCTION AND CONSUMPTION UP IN 2022 - EUROSTAT
In 2022, EU coal production and consumption continued to increase, reaching 349 million tonnes (+5% compared with the previous year) and 454 millio ...
Wednesday, 21 June 23
QATAR STRIKES SECOND BIG LNG SUPPLY DEAL WITH CHINA - REUTERS
Qatar on Tuesday secured its second large gas supply deal with a Chinese state-controlled company in less than a year, putting Asia clearly ahead i ...
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- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
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