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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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Saturday, 20 August 22
KOSPO TO IMPORT 240000 MT OF MIN 4400 KCAL/KG NCV STEAM COAL FOR OCTOBER;LOADING FROM RUSSIAN PORTS NOT ALLOWED
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 240,000 MT of min 4,400kcal/kg to max. 4,999 kcal/kg NC ...
Wednesday, 17 August 22
INDIAN COMPANIES SWAPPING DOLLAR FOR ASIAN CURRENCIES TO BUY RUSSIAN COAL - REUTERS
Indian companies are using Asian currencies more often to pay for Russian coal imports, according to customs documents and industry sources, avoidi ...
Wednesday, 17 August 22
LNG: MAJOR INVESTMENT AND EXPANSION PHASE, DOUBLING OF LIQUEFACTION CAPACITY BY 2028 PROJECTED - CLARKSONS
Clarksons Research have released the latest version of their long standing annual review, LNG Trade & Transport, on to Shipping Intelligence Ne ...
Wednesday, 17 August 22
UNAFFORDABLE LNG PRICES UNDERMINE RAPID DEMAND GROWTH FORECASTS IN KEY ASIAN MARKETS - IEEFA
Sustained high prices may accelerate downward pressures on Asian LNG demand, clouding long-term industry outlooks
The global liquefi ...
Wednesday, 17 August 22
CHINA'S COAL-RICH SHANXI MAKES STRIDES IN HIGH-QUALITY DEVELOPMENT - XINHUA
Shanxi, a major coal-producing province in north China, has made continuous advances in high-quality development over the past decade, according to ...
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- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Planning Commission, India
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- The University of Queensland
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
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