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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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Thursday, 14 July 22
INDIA'S COAL IMPORTS HIT RECORD HIGH IN JUNE - REUTERS
India's coal imports hit a record high in June despite high global prices, data from three trade sources and Refinitiv ship tracking showed, as ...
Thursday, 14 July 22
CHINA'S JUNE COAL IMPORTS SLUMP AS TRADERS SHUN EXPENSIVE OVERSEAS CARGOES - REUTERS
China’s coal imports fell 33% in June from a year ago, with traders turning down expensive overseas cargoes in favor of domestic ones with ca ...
Wednesday, 13 July 22
KOWEPO TO IMPORT 2.79 MILLION TONS OF LOW TO MEDIUM COAL
COALspot.com: Korea Western Power Co., Ltd. (KOWEPO) has issued an International tender for Total 1360k MT of Min.4400 kcal/kg NCV coal and Total 1 ...
Wednesday, 13 July 22
HAVE MINERS MISSED THE BOAT TO INVEST AND GET AHEAD OF THE ENERGY TRANSITION? - WOOD MACKENZIE
Miners are in rude health, benefiting from economic stimuli, the post-pandemic recovery and associated supply constraints. Initially the Ukraine wa ...
Wednesday, 13 July 22
MARKET INSIGHT - INTERMODAL
Taking the previous market insight a step further, market sentiment remains bullish regarding the overall ROI of scrubbers, facing tailwinds from a ...
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- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Planning Commission, India
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
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