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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, 17 August 22
PAXOCEAN, HONG LAM MARINE AND BUREAU VERITAS SIGN MOU TO DEVELOP AMMONIA BUNKER VESSEL DESIGN - BUREAU VERITAS
PaxOcean Engineering Pte. Ltd. has signed a Memorandum of Understanding (MOU) with Singapore-based bunker vessel operator Hong Lam Marine and class ...
Wednesday, 17 August 22
GOODFUELSS ASIA-PACIFIC BRANCH KICKSTARTS SUSTAINABLE BIOFUEL DELIVERIES WITH NYK AS FIRST CLIENT - GOOD FUELS
GoodFuels, the leading biofuels pioneer for the global transport industry, has today announced that it has successfully supplied sustainable marine ...
Tuesday, 16 August 22
EU BAN ON RUSSIAN COAL IMPORTS COMES INTO FORCE - DEUTSCHE WELLE
The European Union banned Russian coal imports in response to the invasion of Ukraine as part of sanctions in April. Since then, it’s been sc ...
Thursday, 11 August 22
MARKET INSIGHT - INTERMODAL
On July 22nd, Ukraine signed a deal with Russia to release 22mn tons of grain from Ukraine’s 3 major ports (Yuzhny, Chornomorsk, Odesa). Such ...
Wednesday, 10 August 22
THE FUTURE OF COAL: EIGHT KEY THEMES FROM THE GLOBAL COAL FORUM - WOOD MACKENZIE
Coal investors face a multi-layered and unavoidable challenge: markets distorted by war, trade constraints and the existential threat of the energy ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- The University of Queensland
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
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