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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, 18 March 23
HEDGE TO OFFSET LNG VOLATILITY, TRADERS TOLD - BALTIC EXCHANGE
A shift in imports from Asia to Europe led to significant volatility in liquefied natural gas shipping last year, prompting industry experts to urg ...
Friday, 17 March 23
INDONESIAN COAL PRICE REFERENCE UP AROUND 2.17% IN MARCH 2023
COALspot.com: Indonesian Coal Price Reference up around 2.17% in March 2023.
According to the new HBA regulation No. 41.K/MB.0 ...
Saturday, 11 March 23
MARKET INSIGHT - INTERMODAL
Uncertainty over the recovery of Chinese demand, demand destruction in Europe, as well as weather conditions will pivot the LNG market this summer. ...
Wednesday, 08 March 23
INDONESIAN COAL REFERENCE PRICE FORMULA HAS OFFICIALLY CHANGED
Indonesian Minister of Energy and Mineral Resources has officially changed the guideline for determining the benchmark price for the sale of coal c ...
Thursday, 02 March 23
INDIA'S SEABORNE CRUDE OIL IMPORTS IN 2022 INCREASED BY 11.5% YOY - BANCHERO COSTA
2022 has turned out to be a very positive year for crude oil trade, despite the surging oil prices and risks of economic recession, Banchero Costa ...
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- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- The University of Queensland
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Trasteel International SA, Italy
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
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