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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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Wednesday, 06 July 22
MARKET INSIGHT - INTERMODAL
Following the 3rd Decarbonizing Shipping Forum, held in Hamburg on June 2022, there has been a meaningful resurgence of discussions within the ship ...
Tuesday, 05 July 22
WHY ARE VLSFO PRICES SO HIGH, ESPECIALLY IN SINGAPORE? - STEVE CHRISTY, INTEGR8 FUELS
Tightness in products still trumps talks of recession
Last month we wrote about the fears of recession versus the tightness in product markets ...
Tuesday, 05 July 22
ADANI ENTERPRISES LOWEST BIDDER IN COAL INDIA'S IMPORT TENDER: REPORT - BUSINESS STANDARD
Coal India Ltd floated its first import tender on behalf of power companies, where Adani Enterprises Ltd came out to be the lowest bidder, a report ...
Tuesday, 05 July 22
CHINA POLICY KEY FOR IRON ORE OUTLOOK - ING
China’s covid lockdowns and recessionary risks hit iron ore
Iron ore prices have fallen significantly from their year-to-date high of US$ ...
Monday, 04 July 22
INDONESIAN COAL PRICE REFERENCE SLIGHTLY DOWN IN JULY
COALspot.com: Indonesian Coal Price Reference for July delivery drops 1.52 per cent month on month.
The Indonesian Coal Price Refere ...
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- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- White Energy Company Limited
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- London Commodity Brokers - England
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
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