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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, 16 September 22
DRY BULK MARKET: EU’S BAN ON RUSSIAN COAL LIFTS DEMAND DESPITE ECONOMIC HEADWINDS - BIMCO
Highlights
– The Baltic Exchange Dry Index (BDI) peaked in late May and has since fallen sharply as lower Chinese demand and adverse glob ...
Friday, 16 September 22
BIMCO EMBARKS ON NEW STANDARD FOR “QUIET ENJOYMENT”
KNOWLEDGE TO ELEVATE
A newly set-up BIMCO drafting team involving a cross-section of shipowners, charterers, financing and leasing i ...
Friday, 16 September 22
INDIAN COAL PRODUCTION TO RISE 150 PER CENT IN 10 YEARS: CENTRE - EXPRESS NEWS SERVICE
The Union Ministry of Mines is expecting 150 per cent growth in coal production 10 years down the line as a result of coal reforms that had been us ...
Thursday, 15 September 22
MARKET INSIGHT - INTERMODAL
While the Organization of Petroleum Exporting Countries and its allies agreed on a 100,000 b/d output cut last week, oil flows are in the spotlight ...
Monday, 12 September 22
COAL PRICE HIKE REMAINS DIFFICULT FOR CIL: CHAIRMAN TELLS ANALYSTS - PTI
Coal India on Thursday informed investors that increasing coal prices remains difficult in the current context when the economy is grappling with h ...
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- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Planning Commission, India
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Aditya Birla Group - India
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Anglo American - United Kingdom
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
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