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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, 29 June 22
LNG MARKET REMAINS TIGHT - INTERMODAL
LNG market remains tight currently, mainly driven by the US LNG outage from the recent fire in Freeport LNG terminal together with the recent fall ...
Wednesday, 29 June 22
CHINA'S NEW PLAN FOR RENEWABLE ENERGY DEVELOPMENT FOCUSES ON CONSUMPTION - FITCH RATINGS
China’s focus on consumption penetration for renewable energy development in its recently released 14th five-year plan – 2021 to 2025 & ...
Wednesday, 29 June 22
APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS - FITCH RATINGS’
Fitch Ratings’ mid-2022 corporate sector outlook review revealed that the Asia-Pacific (APAC) region saw the largest number of sector outlook ...
Thursday, 16 June 22
MARKET INSIGHT - INTERMODAL
Picking up from my last insight in March, on the early days of the invasion, it's worth pointing out the way that the fast-paced working enviro ...
Saturday, 11 June 22
AIMTEK INTERNATIONAL CONFERENCE AND AWARDS
Press Release: The prestigious AIMTEK International Conference and Awards concluded successfully on June 7th, 2022 at Radisson Blu, Yas Island Abu ...
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- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- PTC India Limited - India
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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