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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, 13 December 22
YANCOAL AUSTRALIA TO PREPAY $459 MLN DEBT AS RECORD COAL PRICES BOOST CASHFLOWS - REUTERS
Coal miner Yancoal Australia Ltd. said on Friday it intended to prepay $459 million of its debt on or around Dec. 16, as elevated coal prices were ...
Tuesday, 13 December 22
WHY COAL LEADS THE RISE IN COMMODITIES THIS YEAR - MARKETWATCH
This year marked a resurgence for coal, often known — and loathed — by environmentalists as the dirtiest energy source, with prices mor ...
Thursday, 08 December 22
BIMCO TO REVISE WAR RISK CLAUSES
Work to revise the BIMCO War Cancellation Clause 2004, the BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013) and the BIMCO War Risk ...
Thursday, 08 December 22
COAL ROYALTY PAYMENTS BOOST AUSTRALIAN STATE'S BUDGET FORECAST - REUTERS
Australia’s Queensland state on Wednesday forecast a record surplus for the current financial year, largely driven by higher royalty payments ...
Wednesday, 07 December 22
MARKET INSIGHT - INTERMODAL
China’s coal imports from January to October were 230.1m mt, a decrease of around 10.7% y-o-y (2021 totalled 323.2m mt). The question is if t ...
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- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
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