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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, 26 July 22
WILL SOUTH AMERICA’S WINTER DEMAND DRAW LNG CARGOES AWAY FROM EUROPE? - ICIS
South America is now in the middle of its winter demand season. Last year the region increased its share of global LNG imports in winter, with Braz ...
Monday, 25 July 22
GLOBAL 2021 COAL-FIRED ELECTRICITY GENERATION SURGES TO RECORD HIGH - REUTERS
By contrast, mine output was still fractionally below the record set between 2012 and 2014 because older and less efficient coal generators have be ...
Saturday, 23 July 22
THE EU HAS BEEN REDUCING IMPORTS OF RUSSIAN REFINED OIL PRODUCTS SINCE MARCH - BANCHERO COSTA
The European Union could now ban the import and transit of fuel oil from Russia around six months ahead of the planned deadline, an EU official and ...
Saturday, 23 July 22
INDONESIA CONSIDERING SCRAPPING DOMESTIC SALES RULE FOR PALM OIL EXPORTS - REUTERS
Indonesia is considering removing a domestic sales requirement for palm oil exports because high inventories of the vegetable oil have been holding ...
Saturday, 23 July 22
STABILITY OF RUSSIAN GAS FLOWS REMAIN UNCERTAIN, DESPITE THE REOPENING OF NORD STREAM - WOOD MACKENZIE
Gazprom confirmed today that regular annual maintenance of Nord Stream is officially over and gas flows restarted at 63 million cubic metres per da ...
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- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- VISA Power Limited - India
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Central Electricity Authority - India
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
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