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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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Tuesday, 17 January 23
MARKET INSIGHT - INTERMODAL
Rumor has it that the New Year has come, to set the pace in, for Russia to continue hostilities against Ukraine. Ten months on the go, into Russia& ...
Tuesday, 17 January 23
INDONESIA IS ACCOUNTING FOR 32.3% OF THE GLOBAL SEABORNE COAL MARKET IN 2022 - BENCHERO 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, Benchero ...
Tuesday, 10 January 23
INDONESIAN HBA IS SEEING A SPIKE IN JANUARY 2023 INSTEAD OF A SIGNIFICANT FALL IN DECEMBER 2022
COALspot.com: Indonesian Coal Price Reference up 8.43% in January 2023.
HBA is seeing a dramatic spike in January 2023 i ...
Sunday, 08 January 23
INDIAN COAL POWER PLANTS SHOULD BE COMPENSATED FOR 2022 FORCED GENERATION – REGULATOR : REUTERS
Indian power plants that rely on imported coal should be fully compensated when forced to supply electricity, the country’s power regulator s ...
Sunday, 08 January 23
ELEVATED COAL PRICE A DRAG ON MARGINS OF DOMESTIC BASE METAL PLAYERS: ICRA
The increased price of coal continue to be a drag on the margin of domestic base metal players with no immediate relief in sight, rating agency ICR ...
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Showing 151 to 155 news of total 6871 |
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- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- The University of Queensland
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- VISA Power Limited - India
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
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