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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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Friday, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- MS Steel International - UAE
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Bhatia International Limited - India
- London Commodity Brokers - England
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Planning Commission, India
- GMR Energy Limited - India
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
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