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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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Monday, 19 September 22
BUMA AUSTRALIA AWARDED A$400 MILLION CONTRACT EXTENSION BY BMA FOR GOONYELLA PROJECT
Press Release – PT Delta Dunia Makmur Tbk. (the "Company") announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA ...
Saturday, 17 September 22
CHINA WARNS COAL COMPANIES AGAINST DUAL CONTRACTS, KEEP PRICES STABLE - REUTERS
China’s state economic planner warned coal companies operating at ports in the Bohai Bay region to comply with their long-term contracts to k ...
Saturday, 17 September 22
IS A GLOBAL RECESSION IMMINENT? - WORLD BANK
Since the beginning of the year, a rapid deterioration of growth prospects coupled with rising inflation and tightening financing conditions, has i ...
Saturday, 17 September 22
FITCH RATINGS REVISES GLOBAL METALS & MINING PRICE ASSUMPTIONS
Fitch Ratings has revised its metals and mining price assumptions reflecting evolving economic growth expectations and demand and supply dynamics.
...
Friday, 16 September 22
WHEN IS A VESSEL'S INCOME EARNING CAPACITY AT RISK? 'CONTROLLED INCOME CAN BE A KEY OF SUCCESS' - MARASCO MARINE
Managing marine risks is not an easy task, which requires special knowledge and expertise on the subject per se. Customarily, big ship management c ...
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- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
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