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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, 08 July 22
AUSTRALIAN COAL PRICE BREAKS AGAIN LEVEL US$ 400/TON!, UP AROUND 4% - CNBC INDONESIA
Coal prices shot up again and crossed the level of US$ 400 per ton. On Thursday (7/7/2022) trading, the selling price of August contract closed at ...
Friday, 08 July 22
INDONESIA MULLS MORE FREQUENT SETTING OF CRUDE PALM OIL REFERENCE PRICE - REUTERS
Indonesia is considering setting its crude palm oil (CPO) export reference price every two weeks instead of monthly, a senior trade ministry offici ...
Friday, 08 July 22
BUNKER PRICES EXPECTED TO RECOVER LOST GROUND NEXT WEEK - SERGEY IVANOV, MABUX
Over the Week 27, the world bunker indices showed a sharp decline, primarily due to the fall in oil prices on July 05. The 380 HSFO index fell by 5 ...
Thursday, 07 July 22
NTPC MINES 61% MORE COAL AT 4.22 MN METRIC TONNES IN APRIL-JUNE: PTI
State-owned power giant NTPC on Tuesday said that its coal output grew by 61 per cent to Rs 42.40 lakh metric tonnes in April-June quarter from 26. ...
Thursday, 07 July 22
COAL INDIA'S PRODUCTION SETS RECORD INCREASE OF 29% YOY AT 36 MT IN Q1FY23 - IIFL SECURITIES
Coal India Limited (CIL) has ended April-June quarter FY’23 capping a historic high of 29% yoy output growth, compared to same quarter FY&rsq ...
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- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Minerals Council of Australia
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
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