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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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Monday, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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Showing 16 to 20 news of total 6871 |
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- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Australian Coal Association
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Economic Council, Georgia
- Deloitte Consulting - India
- Minerals Council of Australia
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
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