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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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Wednesday, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
...
Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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Showing 21 to 25 news of total 6871 |
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- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Minerals Council of Australia
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
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