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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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Tuesday, 26 April 22
INDIA'S COAL IMPORTS ARE SHIFTING, THERMAL MORE THAN COKING - REUTERS
India’s coal imports are starting to reflect shifting world trade and pricing dynamics in the wake of Russia’s invasion of neighbouring ...
Monday, 18 April 22
GERMAN COAL IMPORTERS EXPECT A BRIEF SPIKE IN PRICES ON EU BAN - REUTERS
A European Union embargo on Russian coal imports will push up prices in the short term before alternative supplies become available to steady the c ...
Monday, 18 April 22
FINNISH 'LOOPHOLES' ALLOW IMPORTS OF RUSSIAN COAL AND OIL TO CONTINUE - EURONEWS
Activists in Finland are calling for the government to clamp down faster on state-owned companies that continue to import raw materials from Russia ...
Monday, 18 April 22
GOVT IN DISCUSSION WITH WORLD BANK ON FRAMEWORK FOR COAL MINE CLOSURE - BUSINESS STANDARD
The coal ministry is in discussions with the World Bank for collaboration on the mine closure framework, a government official said on Wednesday.
...
Monday, 18 April 22
DEMAND FOR THERMAL COAL TO RISE DUE TO INCREASE IN ELECTRICITY DEMAND: INDIAN COAL MINISTRY - PTI
Coal block allocatees have a golden opportunity to augment production as the demand for thermal coal will rise due to an increase in electricity de ...
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- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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