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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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Sunday, 26 February 23
MAWANI AND JEDDAH CHAMBER SIGN AN AGREEMENT TO BUILD INTEGRATED LOGISTICS PARK
Press Release: The Saudi Ports Authority (Mawani) and Jeddah Chamber of Commerce and Industry have today inked an agreement to set up an integrated ...
Saturday, 25 February 23
INDONESIA IS STILL BY FAR THE TOP SUPPLIER OF COAL TO CHINA - 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, said ban ...
Wednesday, 22 February 23
MARKET INSIGHT - INTERMODAL
The short-term outlook of the global soybean market is currently pivoted by a combination of weather patterns that are affecting the harvest progre ...
Saturday, 18 February 23
OIL UNLIKELY TO BREAK ABOVE $100/BBL THIS YEAR, J.P.MORGAN SAYS –- REUTERS
Brent oil prices are unlikely to breach the $100 a barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially add ...
Saturday, 18 February 23
CHINA'S COAL PRICES FALL TO 1 YR-LOW, CLOUDING DEMAND AND IMPORT OUTLOOK - REUTERS
China’s thermal coal prices hit their lowest levels in a year this week on rising inventories as domestic mine production is recovering faste ...
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- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
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