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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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Friday, 23 September 22
EUROPEAN STEEL BUYERS SEEK DIRECTION IN VOLATILE MARKET - MEPS INTERNATIONAL
Demand for steel is slow to recover, after the summer break. Mill production costs continue to increase. Steel purchasers are uncertain about the f ...
Friday, 23 September 22
BUOYANT COAL INDUSTRY SEEKS WAYS TO STAY IN THE LONG-TERM ENERGY MIX - REUTERS
There’s no doubt that the global coal industry has been a major beneficiary of Russia’s invasion of Ukraine and the subsequent energy c ...
Friday, 23 September 22
MARKET INSIGHT - INTERMODAL
In view of the forthcoming winter, Europe is trying to escape from its energy (oil & gas) dependency from Russia to ensure energy abundance eve ...
Tuesday, 20 September 22
CHINA'S DAILY COAL OUTPUT HITS 3-MONTH LOW IN AUGUST ON RAINS, COVID CURBS - REUTERS
China’s daily coal output in August slipped to a three-month low as some mines in its biggest coal mining regions reduced operations or even ...
Tuesday, 20 September 22
CHINA COAL OUTPUT UP 8.1 PCT IN AUGUST - XINHUA
China’s raw coal output posted stable expansion in August, official data showed.
The country produced 370 million tonnes of ra ...
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Showing 226 to 230 news of total 6871 |
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- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Planning Commission, India
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- PTC India Limited - India
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
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