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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, 09 September 22
GREECE WILL KEEP COAL-FIRED PLANTS RUNNING FOR LONGER AMID GAS CRISIS - REUTERS
Greece will keep seven coal-fired plants running for longer than previously planned as European countries adjust to a cut in gas flows coming from ...
Friday, 09 September 22
CHINA'S DROUGHT INTENSIFIES GLOBAL COAL SHORTAGE - REUTERS
China’s drought has sent coal prices surging as traders anticipate the lack of hydroelectric generation will force it to burn more coal to me ...
Thursday, 08 September 22
MOODY.S AFFIRMS ABM INVESTAMA'S B1 RATINGS FOLLOWING PLANNED MINORITY INVESTMENT IN COAL MINER; OUTLOOK STABLE
Moody's Investors Service has affirmed ABM Investama Tbk (P.T.)'s B1 corporate family rating (CFR), along with the B1 rating on its senior ...
Thursday, 08 September 22
MARKET INSIGHT - INTERMODAL
While the energy markets are historically stretched, Russian flows of crude oil are closely monitored as the oil trade is ultimately realigned. Mor ...
Friday, 02 September 22
INDONESIA COAL PRICE REFERENCE SLIPS SLIGHTLY IN SEPTEMBER 2022
COALspot.com: Indonesian Coal Price Reference for September delivery drops 0.74 per cent month on month.
The Indonesian Coal Price R ...
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- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- White Energy Company Limited
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
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