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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 February 23
PAKISTAN PLANS TO QUADRUPLE DOMESTIC COAL-FIRED POWER, MOVE AWAY FROM GAS - REUTERS
Pakistan plans to quadruple its domestic coal-fired capacity to reduce power generation costs and will not build new gas-fired plants in the coming ...
Saturday, 18 February 23
2023 MARINE FUEL MARKET PREDICTIONS - JOHN BERGMAN, AURAMARINE
The drive for decarbonisation we witnessed in 2022 has continued into 2023, demonstrating the shipping’s industry positive strides in the fas ...
Saturday, 28 January 23
COAL GROWTH BLIP NOT TO BE REPEATED - BALTIC EXCHANGE
As 2022 drew to a close, global coal demand looked set to end the year just 1.2% up on the previous year. But that small increase was enough to pus ...
Thursday, 26 January 23
CHINA'S COAL OUTPUT INCREASES IN DECEMBER 2022 - XINHUA
China’s raw coal output posted stable expansion in December 2022, official data showed.
The country produced 400 million tonne ...
Thursday, 26 January 23
COKING COAL NARROWS THE GAP ON THERMAL AS CHINA REOPENS - REUTERS
The premium of high-grade thermal coal over coking coal in Asia is shrinking as China’s re-opening and ending of a ban on imports from Austra ...
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- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Planning Commission, India
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- VISA Power Limited - India
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- White Energy Company Limited
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
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