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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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Thursday, 03 November 22
HANDYSIZE VALUES MOVING UP IN OCTOBER, WHILE LNG VALUES SKYROCKET - VESSELSVALUE
Handysize values have increased this month across most ages, following a period of decline. Values for generic 10 year old Handysizes have moved up ...
Thursday, 03 November 22
EUROPEAN GAS SUPPLY SURPLUS, NOVEMBER HBA DOWN TO US$ 308.2 PER TON - ESDM
European gas supply conditions have a major influence in determining fluctuations in the Reference Coal Price (HBA). The November 2022 HBA recorded ...
Wednesday, 02 November 22
MARKET INSIGHT - INTERMODAL
Only five weeks before western sanctions’ full effect, uncertainty over energy has markets and governments on the edge. What was initially th ...
Tuesday, 01 November 22
CHINA COAL TRADE DISRUPTED BY COVID OUTBREAKS AS WINTER LOOMS - REUTERS
China’s strict COVID-19 policy is constraining coal supplies and pushing up prices, industry officials and traders say, just weeks before the ...
Monday, 31 October 22
U.S. COAL-FIRED GENERATION DECLINING AFTER BRIEF RISE LAST YEAR - EIA
We expect 6% less U.S. coal-fired generation in 2022 than in 2021, according to our latest Short-Term Energy Outlook (STEO). Although coal-fired ge ...
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- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- MS Steel International - UAE
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Australian Coal Association
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
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