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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, 29 July 22
GLOBAL COAL DEMAND IS SET TO RETURN TO ITS ALL-TIME HIGH IN 2022 - IEA
The world’s consumption of coal is set to rise slightly in 2022, taking it back to the record level it reached nearly a decade ago, according ...
Thursday, 28 July 22
CREW FAMILIARISATION IS CRITICAL WHEN TAKING OVER A VESSEL - WEST P&I CLUB
Knowledge to Elevate
When a vessel changes ownership and/or manager, it can take some considerable time before the new crew and mana ...
Thursday, 28 July 22
RETURN OF COAL A THREAT TO EUROPEAN COMPANIES' ESG RATINGS - REUTERS
European companies turning to coal as an alternative to Russian gas face a hit to their environmental, social and governance ratings, leaving them ...
Wednesday, 27 July 22
MARKET INSIGHT - INTERMODAL
Amid the upcoming ban on Russian coal from the EU, which will be in full effect on August 10th, EU nations have been accelerating their coal import ...
Tuesday, 26 July 22
CAP RUSSIA'S OIL PRICE NOW - PROJECT SYNDICATE
Though the price of oil has declined in recent weeks, it is still through the roof, filtering through to gasoline prices, and causing economic and ...
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- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Minerals Council of Australia
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
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