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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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Wednesday, 21 June 23
CHINA'S MAY COAL IMPORTS FROM AUSTRALIA RECOVER TO PRE-BAN LEVELS - REUTERS
Australian coal sales to China increased in May, as trade resumed between them even as overall coal demand weakened against an uncertain macroecono ...
Monday, 19 June 23
DROUGHT-DEPLETED HYDROPOWER DRIVES CHINA TO TURN TO COAL - REUTERS
China has leant hard on coal-fired power plants as well as wind and solar generators to make up for a shortfall in hydroelectric generation as a re ...
Monday, 19 June 23
CHINA COAL OUTPUT UP 4.2 PCT IN MAY - XINHUA
China’s raw coal output posted steady growth in May, official data showed.
The country produced 390 million tonnes of raw coal ...
Wednesday, 24 May 23
AMMONIA-FUELLED BULK CARRIERS WITHIN FIVE YEARS - BALTIC EXCHANGE
Within five years, ships powered by clean ammonia could be a feature on the iron ore trade routes between West Australia and East Asia.
A study ...
Tuesday, 23 May 23
CHINA'S APRIL COAL OUTPUT LEAPS 11% ON YEAR, BUT DEMAND DOWNTURN LOOMS - REUTERS
China’s daily coal output in April jumped 11% from the same month a year earlier, boosted by Beijing’s order to increase supply to ensu ...
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- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- The University of Queensland
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
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