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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, 15 November 22
CHINA SEES RISING COAL STORAGE AMID SUPPLY PUSH - XINHUA
Coal stockpiles at China’s power plants have seen considerable increases, ensuring energy supply for the winter, the country’s energy r ...
Tuesday, 15 November 22
SEABORNE THERMAL COAL PRICES START TO EASE, BUT PROCESS IS UNEVEN - REUTERS
Prices for seaborne thermal coal have started to drop as fears of a winter energy crunch ease, but the rate of decline has varied across the differ ...
Thursday, 10 November 22
INDIA: THERMAL PLANTS HAVE ADEQUATE COAL STOCKS AT 25.6 MILLION TONNES, SAYS GOVT - IANS
The coal stock with domestic dry fuel-based power plants, as on October 31, was 25.6 million tonnes, the government said, adding that the availabil ...
Tuesday, 08 November 22
OUTLOOK ON CHINA’S WEAKENED BASIC MATERIALS SECTOR CLOUDED BY POLICY SWINGS - FITCH RATINGS
Fitch Ratings expects basic materials demand in China to improve qoq in 4Q22, driven by seasonally higher construction activity, solid infrastructu ...
Friday, 04 November 22
CHINA EXPANDS COAL TERM CONTRACTS TO ALL MINES TO STABILIZE MARKET - REUTERS
China has expanded long-term thermal coal supply contracts for 2023 to all coal mines and asked power utilities to source more of their demand thro ...
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- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- MS Steel International - UAE
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- The University of Queensland
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Australian Coal Association
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
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