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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, 06 August 22
SUMITOMO Q1 PROFIT RISES 45% ON STRONGER PRICES OF COAL, NICKEL - REUTERS
Japanese trading house Sumitomo Corp 8053.T said on Wednesday its net profit for the April-June quarter rose 45% to a record thanks to higher price ...
Saturday, 06 August 22
GERMANY'S ENERGY U-TURN: COAL INSTEAD OF GAS - DEUTSCHE WELLE
Berlin has realized it will never again import as much energy from Russia as before the Ukraine war. So the challenge is to wean Germany off its de ...
Saturday, 30 July 22
NUANCES OF FORCE MAJEURE CLAUSE - BALTIC EXCHANGE
Knowledge to Elevate
In NKD Maritime Limited v. Bart Maritime (No 2) Inc (Shagang Giant) [2022] EWHC 1615 (Comm), Bart Maritime (No 2) Inc (th ...
Saturday, 30 July 22
AEMO URGES QUICKER SHIFT TO RENEWABLES AMID COAL FAILURES AND SOARING FOSSIL FUEL COSTS
The Australian Energy Market Operator has called for an accelerated shift to wind and solar, backed up by batteries and other storage, as a devasta ...
Friday, 29 July 22
GLENCORE TO SUPPLY COAL TO NIPPON STEEL AT $375 PER TON - BLOOMBERG
Glencore Plc, agreed to supply coal to Nippon Steel at one of the highest prices ever paid by the Japan Bloomberg reported on July 27.
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- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Parliament of New Zealand
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Australian Coal Association
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
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