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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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Sunday, 02 October 22
MISC STRENGTHENS ITS PARTNERSHIP WITH SEARIVER MARITIME
MISC Berhad (MISC) today announced that its subsidiaries Polaris LNG Three Pte. Ltd. and Polaris LNG Four Pte. Ltd. have secured long-term time cha ...
Thursday, 29 September 22
MARKET INSIGHT - INTERMODAL
This week, focus turns to the 38th APPEC Conference, where leading professionals from the global oil industry will discuss the future key drivers o ...
Thursday, 29 September 22
HIGH COAL PRICES REMAIN A CONCERN FOR DOMESTIC NON-FERROUS METAL COMPANIES - ICRA
According to ICRA on Monday, the high price of coal will have a negative effect on the profitability of domestic non-ferrous metal companies that m ...
Tuesday, 27 September 22
14% INCREASE IN EUROPEAN COAL DEMAND TO BE SHORT-TERM TREND - WOOD MACKENZIE
European seaborne thermal coal demand is projected to increase 14% or 12 million metric tonnes (Mt) this year to 98 Mt as it grapples with the curr ...
Friday, 23 September 22
CHINA DIGS DEEP TO RAISE COAL OUTPUT TO RECORD HIGH - REUTERS
China’s coal production has surged this year as the government seeks to improve energy security by reducing dependence on imports and amassin ...
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- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- PTC India Limited - India
- VISA Power Limited - India
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Planning Commission, India
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
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