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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, 30 June 22
WHY ARE LNG SHIPPING STOCKS RESILIENT? - DREWRY
LNG shipping stocks are proving resilient despite uncertainties about growth in global GDP, high inflation and the ongoing geopolitical crisis caus ...
Thursday, 30 June 22
SPOT AUSTRALIAN THERMAL COAL HAS SURGED, BUT CONTRACT PRICE IS KEY - REUTERS
The spot price of Australian thermal coal is higher than that of coking coal, an unprecedented situation that highlights just how the global market ...
Thursday, 30 June 22
SHANXI PROVINCE RAISES ANNUAL COAL OUTPUT TO 1.3 BILLION TONS TO ENSURE CHINA’S ENERGY SUPPLY - GLOBAL TIMES
North China’s Shanxi Province, a major coal-producing region, recently announced a move to increase its annual coal production output by 107 ...
Thursday, 30 June 22
DIVERGENCE BETWEEN HIGH- AND LOW-GRADE THERMAL COAL PRICES IN APAC TO NARROW - FITCH RATINGS
Prices between high- and low-grade thermal coal in Asia-Pacific (APAC) have diverged since late March 2022, but Fitch Ratings expects the gap to na ...
Thursday, 30 June 22
INVESTMENT IN GLOBAL COAL SUPPLY CHAIN TO HIT $115 BN IN 2022, LED BY CHINA AND INDIA - BUSINESS LINE
At over $80 billion, China and India are anticipated to make up the bulk of global coal investment in 2022, says IEA.
The investment ...
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- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
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