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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, 16 April 23
CHINA JUGGLES FOUR MAJOR ECONOMIC CHANGES IN 2023 - WOOD MACKENZIE
Change is afoot in China. Economic growth is slowing, while rising political tensions between China and the US, coupled with global supply chain re ...
Sunday, 16 April 23
CHINA'S MARCH COAL IMPORTS JUMP TO 3-YEAR HIGH - REUTERS
China’s coal imports surged in March to their highest in any month over the past three years as utilities increased purchases on expectations ...
Sunday, 16 April 23
OPEC KEEPS WORLD OIL DEMAND GROWTH OUTLOOK UNCHANGED
The OPEC Reference Basket (ORB) declined in March by $3.43, or 4.2%, m-o-m to average $78.45/b. The ICE Brent first-month contract fell by $4.33, o ...
Sunday, 16 April 23
CHEAPER SPOT LNG PRICES TEMPT SOME ASIAN BUYERS AMID SUPPLY GAINS - REUTERS
Cheaper spot prices for liquefied natural gas (LNG) are luring price-sensitive buyers back in Asia, with China and India recording rising imports i ...
Tuesday, 11 April 23
COAL USE CLIMBS WORLDWIDE DESPITE PROMISES TO SLASH IT - AAP
The burning of coal for electricity, cement, steel and other uses went up in 2022 despite global promises to phase down the fuel that is the bigges ...
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Showing 106 to 110 news of total 6871 |
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- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Australian Coal Association
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
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