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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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Monday, 02 January 23
CHINA’S COAL CONSUMPTION TO PEAK BY 2035: REPORT - REUTERS
China’s primary energy consumption is likely to peak at nearly 6.03 billion tonnes of standard coal between 2030 and 2035, refining giant Chi ...
Thursday, 29 December 22
INDIA'S COAL DEMAND LIKELY TO PEAK BETWEEN 2030-2035: MINISTER - ANI
The demand for coal in India will continue and is likely to peak between 2030-2035, Union Minister of Coal, Mines, and Parliamentary Affairs Pralha ...
Thursday, 29 December 22
RIO TINTO AND PARTNERS COULD RECEIVE AS MUCH AS $450M IN GOVERNMENT COMPENSATION FOR COAL PRICE CAP - THE GUARDIAN
Compensation payments for the Gladstone power plant remain the sticking point in the federal government’s coal price cap compensation negotia ...
Wednesday, 28 December 22
MARKET INSIGHT - INTERMODAL
The United Nations Conference on Trade and Development (UNCTAD) published a Global Trade Update on December 13th highlighting that global trade wou ...
Thursday, 22 December 22
RUSSIAN OIL EXPORTS CRATER BY 54% IN THE FIRST FULL WEEK OF THE EU'S EMBARGO AMID A SHORTAGE OF TANKERS WILLING TO CARRY CARGOES - BUSINESS INSIDER
Since the European Union imposed its seaborne crude sanctions, Russian oil exports have tumbled by more than half, according to data compiled by Bl ...
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- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Australian Coal Association
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- New Zealand Coal & Carbon
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