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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, 02 September 22
ABM INVESTAMA BUYS 30% GEMS SHARES FOR US$ 420 MILLION
PT ABM Investama Tbk through its indirect subsidiary, bought a 30% stake in the PT Golden Energy Mines Tbk for US$ 420 million or around Rp 6.2 tri ...
Wednesday, 31 August 22
MARKET INSIGHT - INTERMODAL
Scorching temperatures and extremely dry conditions during the Northern hemisphere summer have been drying crops. Yield prospects have subsided in ...
Tuesday, 23 August 22
HIGH COAL PRICES COULD BOOST INDONESIA'S ENERGY TRANSITION - IEEFA
Global coal prices have reached an all-time high as countries stop purchasing Russian coal amidst the Russia-Ukraine conflict. Indonesian coal comp ...
Tuesday, 23 August 22
A COMBINED US$6.8-BILLION CASH BALANCE OF INDONESIAN COAL COMPANIES COULD PROVIDE FOR TIMELY INVESTMENTS IN GREEN TRANSITION - IEEFA
A combined US$6.8-billion cash balance of Indonesian coal companies could provide for timely investments in green transition
The opp ...
Tuesday, 23 August 22
SHIPPING INDUSTRY TO REMOVE THE INDIAN OCEAN HIGH RISK AREA - BIMCO
After more than a decade of effective threat-reducing counter-piracy operations the shipping industry has removed the ‘Indian Ocean High Risk ...
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- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Planning Commission, India
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
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