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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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Tuesday, 23 August 22
SHIPPING: GLOBAL TAX REFORM - WATSON FARLEY & WILLIAMS
OECD rules designed to implement a global minimum corporate tax rate for very large multinational groups have now been published and are expected t ...
Tuesday, 23 August 22
PARTIES CONCLUDE JOINT R&D AGREEMENT FOR WORLD’S FIRST AMMONIA FLOATING STORAGE AND REGASIFICATION BARGE CONTRIBUTING TO PROMOTING THE EARLY INTRODUCTION OF AMMONIA FUEL - NYK
NYK Line, Nihon Shipyard Co., Ltd. (NSY), ClassNK, and IHI Corporation (IHI) signed a joint research and development agreement for the commercializ ...
Monday, 22 August 22
INDONESIAN GOVERNMENT IMPOSED ON NEW PROGRESSIVE ROYALTIES FOR COAL
Indonesian President Joko Widodo has signed a Government Regulation (Number 26 of 2022) on 15 August 2022 related to the progressive royalty rates ...
Monday, 22 August 22
CHINA'S JULY RUSSIAN COAL IMPORTS HIT 5-YR HIGH AS WEST SHUNS MOSCOW - REUTERS
China’s coal imports from Russia jumped 14% in July from a year earlier to their highest in at least five years, as China bought discounted c ...
Sunday, 21 August 22
COAL-RICH POLAND FACES WINTER OF ENERGY DISCONTENT - DW
Poland uses 10 million tons of coal a year to heat households — a whopping 87% of all coal consumed in EU homes in 2019, according to the War ...
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- Parliament of New Zealand
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Planning Commission, India
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
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