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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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Tuesday, 11 April 23
OIL RISES ON CHINA STIMULUS EXPECTATIONS, WEAKER DOLLAR - REUTERS
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude sto ...
Sunday, 09 April 23
CHINA’S BUSINESS INCOME REBOUND POINTS TO IMPROVING ECONOMY: OFFICIAL - XINHUA
Chinese businesses have posted a strong rebound in sales revenue since the beginning of this year in the latest signal of an improving economy.
...
Sunday, 09 April 23
COAL INDIA TO BOOST SUPPLIES TO INDUSTRIES AS UTILITIES’ INVENTORIES RISE - REUTERS
Coal India Ltd will increase supplies to industries, the world’s largest coal miner said on Wednesday as fuel inventories at utilities run by ...
Thursday, 06 April 23
MARKET INSIGHT - INTERMODAL
LNG Current Supply/Demand Dynamics
This year, LNG supply will likely exceed demand, so prices will need to decline to levels that will encourag ...
Sunday, 26 March 23
EUROPE’S RUSH TO LNG COULD TURN INTO 'WORLD’S MOST EXPENSIVE AND UNNECESSARY INSURANCE POLICY'- CNBC
Europe’s rapid buildout of liquefied natural gas infrastructure is on track to far exceed demand by the end of the decade, according to new r ...
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Showing 111 to 115 news of total 6871 |
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- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- The University of Queensland
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- White Energy Company Limited
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
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