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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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Friday, 25 November 22
APAC THERMAL COAL PRICES CORRECT FROM RECORD HIGH - FITCH RATINGS
Prices of Newcastle 6,000kcal/kg coal have corrected following falling European gas and coal prices, and more supply from Australia could help miti ...
Thursday, 24 November 22
VIETNAM BOOSTS COAL USE PLAN FOR 2030 AS G7 CLIMATE OFFER STALLS - REUTERS
Vietnam has increased its coal power target for 2030 under a revised draft energy plan, government documents seen by Reuters show, while renewables ...
Tuesday, 22 November 22
THE GENCON 2022 CHARTERPARTY - GARD
KNOWLEDGE TO ELEVATE
BIMCO has published a revamped version of the popular GENCON charterparty. Our author, Helena Biggs, was a member of the ...
Tuesday, 22 November 22
INDIA POWER BINGES ON COAL, OUTPACES ASIA - REUTERS
India’s coal-fired power output has increased much faster than any other country in the Asia Pacific since Russia’s invasion of Ukraine ...
Friday, 18 November 22
REALITIES OF LOI LIABILITIES - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
The cargo misdelivery claim in Trafigura Maritime Logistics Pte Ltd v. Clearlake Shipping Pte Ltd (Miracle Hope) [2022] E ...
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- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Planning Commission, India
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- The University of Queensland
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Australian Coal Association
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
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