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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, 26 January 23
AUSTRALIA'S CORONADO GLOBAL SEES COAL PRICES RISING ON RESUMING CHINA IMPORTS - REUTERS
Australia’s Coronado Global Resources said on Tuesday resuming metallurgical coal imports to China would likely push sea-borne coal prices hi ...
Monday, 23 January 23
CHINA'S MAJOR COAL-PRODUCING PROVINCE ACCELERATES DIGITAL TRANSFORMATION - XINHUA
At Chindata Group’s big-data industrial park in Lingqiu County of Datong City, hundreds of thousands of servers are running round-the-clock t ...
Monday, 23 January 23
CHINA'S COAL-RICH PROVINCE SEES COAL PRODUCTION INCREASE IN 2022 - XINHUA
North China’s coal-rich province of Shanxi saw its coal production hit 1.31 billion tonnes in 2022, up 8.7 percent year on year, local author ...
Wednesday, 18 January 23
MARKET INSIGHT - INTERMODAL
From Feb 5, another price cap will be introduced to Russian fuels and oil products, adding to the one for crude oil, already in place from Dec. 3. ...
Tuesday, 17 January 23
CHINA'S SHANXI TARGETS 2023 COAL PRODUCTION OF NEARLY 1.37B TONS - XINHUA
China’s coal-rich province of Shanxi has set a coal production target of nearly 1.37 billion metric tons for 2023, according to a government ...
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- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Planning Commission, India
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- White Energy Company Limited
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
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