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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, 22 July 22
MARKET INSIGHT - INTERMODAL
Faced with uncertainty regarding the most cost-efficient alternative fuels and the future dominant method to reduce their greenhouse emissions, man ...
Friday, 22 July 22
YANCOAL AUSTRALIA CUTS 2022 COAL OUTPUT VIEW AS FLOODS, COVID BITE - REUTERS
Coal miner Yancoal Australia Ltd YAL.AX cut its 2022 output forecast on Wednesday, signalling a hit from higher-than-expected rainfall, COVID-19-le ...
Wednesday, 20 July 22
BOOST FOR BIOFUELS AS IMO REMOVES REGULATORY HURDLE - GARD
MARPOL Annex VI regulations were written for petroleum derived fuels but also apply to biofuels. It has been a challenge to meet the regulatory req ...
Wednesday, 20 July 22
INDONESIA’S COAL EXPORTS TO THE EU INCREASED SIGNIFICANTLY RECENTLY
European countries have increased coal imports from Indonesia due to the energy crisis that hit the region after Russia cuts gas exports to Europe. ...
Tuesday, 19 July 22
DRY BULK MARKET: CAPESIZE MARKET FIRMS THIS WEEK - BALTIC EXCHANGE
Capesize
Firmer sentiment across both basins pushed the Capesize 5TC route average above the $20,000 threshold this week, closing at $24,209. A ...
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- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Planning Commission, India
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- VISA Power Limited - India
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Australian Coal Association
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
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