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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, 31 October 22
CHINA COAL OUTPUT UP 12.3 PCT IN SEPTEMBER - XINHUA
China’s raw coal output posted stable expansion in September, official data showed.
The country produced 390 million tonnes of ...
Wednesday, 26 October 22
BIMCO PUBLISHES UPDATED GENCON CONTRACT
BIMCO has published a revised and updated version GENCON 2022 – one of its flagship contracts within its portfolio of standard contracts for ...
Monday, 24 October 22
KOSPO TO INVITE 400,000 MT OF COAL FOR 3 YEARS
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an international tender for 400,000 MT of 3,800 - 4,400kcal/kg NCV and Sulfur Max 0 ...
Wednesday, 19 October 22
ASIA COULD BE A BRIGHT SPOT AMID GLOBAL DOWNTURN NEXT YEAR, ECONOMISTS SAY - CNBC
Asia — especially Southeast Asia — remains a bright spot, even as the global economy looks set to head into recession next year, econom ...
Wednesday, 19 October 22
WHAT WILL THE GAS MARKET LOOK LIKE IN A NET ZERO WORLD? - WOOD MACKENZIE
The global gas and LNG market faces a number of ‘great unknowns’. With the market in turmoil uncertainty abounds – from the scale ...
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- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Economic Council, Georgia
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Australian Coal Association
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
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