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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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Wednesday, 30 November 22
INDONESIA’S BUMI RESOURCES TARGETS 2023 COAL OUTPUT OF 80 MLN TONNES - REUTERS
Indonesian coal miner PT Bumi Resources Tbk BUMI.JKis eyeing a 10% increase in output to 80 million tonnes next year amid expectations for more fav ...
Wednesday, 30 November 22
TANKERS: LONGER HAULS TO SUPPORT CONTINUED STRENGTH - BIMCO
Highlights
A rebound in the dirty tanker trade has led the Baltic Exchange Dirty Index (BDTI) to increase by 64% since our last report from mid ...
Wednesday, 30 November 22
MARKET INSIGHT - INTERMODAL
Shipping, although a conservative and innovation adverse industry, is currently in a transition period of digital transformation. According to a su ...
Tuesday, 29 November 22
INDIA TO RECEIVE FIRST LNG CARGO FROM INDONESIA’S TANGGUH LNG - REUTERS
India will receive its first cargo from Indonesia’s Tangguh liquefied natural gas (LNG) plant at the Dahej terminal on Monday, according to a ...
Tuesday, 29 November 22
SEABORNE COAL FLOWS IN 2022 - SIGNAL
This year is crucial for the energy mix in European countries, as the EU has imposed new sanctions on Russia. It is important to emphasize that the ...
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- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Planning Commission, India
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
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