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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, 22 December 22
CHINA TIGHTENS VERIFICATION OF SHIPS’ ENERGY CONSUMPTION DATA - GARD
From 22 December 2022, ships trading to Chinese ports must record their energy consumption data in accordance with the requirements of their Ship E ...
Thursday, 22 December 22
AN OVERVIEW OF THE LNG MARKET - VESSELSVALUE
LNG values have continued to strengthen, spurred by skyrocketing earnings that have surpassed last year’s record breaking peaks. In November, ...
Thursday, 22 December 22
COKING COAL SLUMPS AS TALKS ON AUSTRALIA-CHINA TRADE RIFT LOOM - REUTERS
Chinese coking coal futures dropped more than 3 per cent on Tuesday (Dec 20), extending losses, as supply of the steelmaking input might increase i ...
Thursday, 22 December 22
COAL AND GAS PRICE CAPS MAY COMPOUND POLITICAL RISK FOR AUSTRALIAN CORPORATES - FITCH RATINGS
Australia’s introduction of temporary price caps on domestic sales of gas and coal used for electricity generation will probably have limited ...
Monday, 19 December 22
ENERGY CRISIS FUELS COAL COMEBACK IN GERMANY - REUTERS
Coal has made a comeback in Germany this year, as Europe’s largest economy turns to the dirty fuel to power it through an energy crisis.
...
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- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- The Treasury - Australian Government
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
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