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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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Thursday, 02 March 23
DRY BULK MARKET: THE WAY CHINA GOES, SO GOES THE MARKET - BIMCO
We expect demand growth within the 1.5-2.5% range in 2023, driven by China’s economic recovery. Improvements in consumer sentiment should hel ...
Thursday, 02 March 23
INDIA, CHINA DEMAND BOOST LOW-RANK THERMAL COAL PRICES IN ASIA - RUSSELL, REUTERS
Signs of stronger import demand from India have arrested the decline in price of the thermal coal grades most commonly sought by the world’s ...
Thursday, 02 March 23
INDIA CHEERS THE RETURN OF ‘KING COAL’ AS INDUSTRY SEES BUOYANT FUTURE - REUTERS
India’s coal industry celebrated the return of its major conference after a three-year pandemic hiatus by presenting a bullish view of demand ...
Wednesday, 01 March 23
GEO CONNECT ASIA RETURNS IN MARCH TO ACCELERATE THE REGION’S GEOSPATIAL AND LOCATION INTELLIGENCE CAPABILITIES
Press Release: The third edition of GCA will be held in conjunction with Digital Construction Asia and the inaugural Drones Asia – an event d ...
Wednesday, 01 March 23
THE DECLINE IN THE COAL PRICE SINCE THE BEGINNING OF THE YEAR HAS BEEN SIGNIFICANT - INTERMODAL
Last week, the front-month API2 future rose by 3.5%, but since the beginning of the year the future has fallen by 39% to $136.65/t, while the Newca ...
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- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- The University of Queensland
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
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