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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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Wednesday, 19 October 22
MARKET INSIGHT - INTERMODAL
The LNG market remains extremely tight, and as a result adding further pressure on the vessel charter market, which is already stretched due to the ...
Sunday, 16 October 22
COULD A RETURN TO SHALE EXPLORATION BE PART OF THE SOLUTION TO EUROPE'S GAS SUPPLY PROBLEM? - WOOD MACKENZIE
The European gas market is in turmoil. Russia’s invasion of Ukraine has shaken things up, triggering a complete rethink of European energy st ...
Thursday, 13 October 22
THERMAL COAL PRICES RETREAT AS WINTER SUPPLY FEARS EASE - REUTERS
The prices of key thermal seaborne coal grades are retreating amid signs that supplies will be sufficient to meet winter demand in both Europe and ...
Thursday, 13 October 22
SPOT COAL BIDDING: CHINESE FIRM WANTS REVISED MECHANISM - BUSINESS RECORDER
Chinese company M/s Huaneng Shandong Ruyi (Pakistan) Energy Limited (HSR) has cautioned National Electric Power Regulatory Authority (Nepra) that i ...
Thursday, 13 October 22
OPEC DOWNGRADES CRUDE OIL DEMAND, AS WORLD ECONOMY ENTERS SLOWDOWN
Crude Oil Price Movements
The OPEC Reference Basket (ORB) declined m-o-m by $6.58 in September, or 6.5%, to average $95.32/b. Pressure from equ ...
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- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Australian Coal Association
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Economic Council, Georgia
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- The University of Queensland
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
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