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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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Sunday, 03 July 22
CHINESE VICE PREMIER STRESSES CLEAN, EFFICIENT USE OF COAL - XINHUA
Chinese Vice Premier Han Zheng has stressed efforts to promote the clean and efficient use of coal, and pursue green, low-carbon and high-quality d ...
Sunday, 03 July 22
SOVEREIGN SECTOR OUTLOOK REVISED TO NEUTRAL ON UKRAINE WAR IMPACT - FITCH RATINGS
The deterioration in global sovereign credit conditions this year relative to our expectations at end-2021 has caused Fitch Ratings to change its g ...
Saturday, 02 July 22
GLOBAL SEABORNE COAL EXPORTS IN 2021 INCREASED BY 4.4% Y-O-Y TO 1147 MLN TONNES - BANCHERO COSTA
In the full 12 months of 2021, global seaborne coal exports increased by +4.4% y-o-y to 1147 mln tonnes, from 1099 mln tonnes in 2020, according to ...
Friday, 01 July 22
INDIA'S TOP CEMENT MAKER PAYING FOR RUSSIAN COAL IN CHINESE YUAN - REUTERS
India’s biggest cement producer, UltraTech Cement ULTC.NS, is importing a cargo of Russian coal and paying using Chinese yuan, according to a ...
Thursday, 30 June 22
FINANCIAL GAINS SUPPORT COAL TRANSITION - BALTIC EXCHANGE
Support for the shift away from coal dependency continues to mount, with the International Monetary Fund (IMF) calculating that the move would gene ...
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Showing 306 to 310 news of total 6871 |
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- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- MS Steel International - UAE
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Minerals Council of Australia
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
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