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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, 15 December 22
MARKET INSIGHT - INTERMODAL
While observing the ship repair market very close to the end of the year, we are confident that shipyards worldwide are entering a new era. The nex ...
Tuesday, 13 December 22
STRONG COAL PRICES SUPPORT ROBUST EARNINGS AT INDONESIAN COAL MINERS - FITCH RATINGS
Fitch Ratings expects cash flow generation at Indonesian coal miners to remain strong in 2023, based on its forecast for coal prices to remain high ...
Tuesday, 13 December 22
BIMCO CII CLAUSE FINALLY RELEASED: DOES IT MAKE ANY SENSE OF CCI? - WFW
WHAT IS CII?
The new International Maritime Organisation’s (“IMO’s”) Carbon Intensity Indicator (“CII”) cer ...
Tuesday, 13 December 22
COAL BASE RAMPS UP ENERGY SUPPLY FOR WINTER NEEDS - XINHUA
Inner Mongolia Autonomous Region, China’s leading coal production base, has kicked its production into high gear to meet heating needs as col ...
Tuesday, 13 December 22
AUSTRALIA TO CAP PRICES OF COAL, GAS TO DRIVE DOWN ENERGY BILLS - REUTERS
Australia will cap coal and gas prices for a year in a bid to shave utility bills for households and businesses hit by soaring costs because of the ...
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- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Indonesian Coal Mining Association
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