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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, 22 March 23
MARKET INSIGHT - INTERMODAL
The crude tanker market continues to gather momentum as we head towards the end of 1Q2023, against a backdrop of strong U.S. exports paired with a ...
Wednesday, 22 March 23
WILL LOWER GAS PRICES SPARK SWITCHING IN EUROPE AND ASIA?
Record high prices devastated demand for gas and LNG across Asia and Europe last year. But with prices falling, companies are starting to re-evalua ...
Monday, 20 March 23
NTPC MULLS 5.4 MILLION TONNES COAL IMPORT IN FIRST HALF OF 2023-24: PTI
State-run power giant NTPC is planning to import around 5.4 million tonnes of coal to meet the supply shortage during the first half 2023-24 fiscal ...
Monday, 20 March 23
S. AFRICA’S EXXARO RESOURCES SAYS COAL PRICES COOLING OFF - REUTERS
South Africa’s Exxaro Resources on Thursday posted a 28% jump in 2022 profit after seeing average coal prices surge more than 150%, but warne ...
Saturday, 18 March 23
RUSSIAN LNG EXPORTS TO EUROPE REMAIN HIGH - VESSELS VALUE
Russian LNG exports to Europe remained at very high levels in February at 3.6 million CBM, following a 13 month high in January of 4.1 million CBM. ...
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- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- PTC India Limited - India
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- The University of Queensland
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
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