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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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Saturday, 25 March 23
COAL INDIA HAS STRONG CASE TO INCREASE PRICES, TALKS ON: CMD AGRAWAL - BUSINESS STANDARD
Coal India (CIL) Chairman and Managing Director Pramod Agrawal said on Monday there is a “strong case” for increasing coal prices, and ...
Saturday, 25 March 23
ASIAN CRUDE PALM OIL WATCH 1Q23 - FITCH RATINGS
Malaysian benchmark crude palm oil (CPO) spot prices have averaged around USD915 per tonne (t) so far in 1Q23, sharply lower than the average of ar ...
Saturday, 25 March 23
INDONESIA’S COAL EXPORT INCREASED BY 21.0% YOY TO 388.4 MLN T IN 2022 - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels. In the f ...
Saturday, 25 March 23
GLOBAL LNG-ASIA SPOT PRICES SLIP AS WEAK NORTHERN DEMAND REMAINS - REUTERS
Asian spot prices of liquefied natural gas (LNG) declined this week, falling to a 21-month low, as weak demand in the northeast Asia region continu ...
Wednesday, 22 March 23
OIL PRICE FALL SPECULATIVE, TO HIT $140 BY YEAR-END -ANDURAND: REUTERS
The recent fall in oil prices due to banking jitters is speculative and oil will hit $140 a barrel by the end of the year, hedge fund manager Pierr ...
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- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
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