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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, 12 October 22
MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2022 has been remarkable.
Focusing only on Tankers and Bulkers, such v ...
Monday, 10 October 22
ENERGY TRANSITION BOOSTS GLOBAL LONG-TERM DEMAND FOR METALS - FITCH RATINGS
The energy transition will significantly increase demand for metals used in manufacturing of electric vehicles (EVs) and renewable power generation ...
Monday, 10 October 22
GLOBAL CEOS EXPECT IMPENDING RECESSION TO BE 'SHORT AND SHARP,' POLL SHOWS - CNBC
Global CEOs are anticipating a recession in the next 12 months, according to a new survey by professional services firm KPMG, which said more than ...
Thursday, 06 October 22
AUSTRALIA’S RESOURCES REVENUE TO HIT RECORD AMID UKRAINE CONFLICT - REUTERS
Australian resources and energy export earnings are forecast to jump 7% to a record A$450 billion ($290 billion) this fiscal year, bolstered by soa ...
Thursday, 06 October 22
COAL INDIA ASKED TO ENHANCE SUPPLY TO THERMAL POWER PLANTS - IANS
With the festival season round the corner, Coal India Ltd. has been directed by the government to scale up dispatch to thermal power plants.
&n ...
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- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
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