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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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Friday, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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Showing 11 to 15 news of total 6871 |
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- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- The University of Queensland
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Videocon Industries ltd - India
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
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