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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, 05 October 22
BUNKER PRICES DOWN AGAIN; IS THERE MORE TO COME? - INTEGR8 FUELS
It’s the economy…..”
VLSFO prices are now back to levels at the start of this year. After all the extremes of thi ...
Wednesday, 05 October 22
MARKET INSIGHT - INTERMODAL
Amid the looming western sanctions on Russia, the country is challenged to pivot its energy markets away from Europe and toward the East. Yet, Russ ...
Tuesday, 04 October 22
A REMARKABLE SHIFT IN FORTUNES HAS BEEN NOTED IN THE CRUDE OIL TANKER MARKETS - ALLIED SHIPPING
A remarkable shift in fortunes has been noted in the crude oil tanker markets over the past month, yet despite these shifts being seemingly in thei ...
Tuesday, 04 October 22
OIL PRICES COULD SOON RETURN TO $100 AS OPEC+ CONSIDERS ‘HISTORIC’ CUT, ANALYSTS SAY - CNBC
An influential alliance of some of the world’s most powerful oil producers is reportedly considering their largest output cut since the start ...
Tuesday, 04 October 22
INDONESIAN COAL PRICE REFERENCE SURGE AGAIN TO RECORD HIGH
COALspot.com: Indonesian Coal Price Reference reached another record high in October as Russia's war in Ukraine continues to spark a surge in c ...
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- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Posco Energy - South Korea
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
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