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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, 05 April 22
INDONESIAN COAL PRICE REFERENCE HITS RECORD ABOVE $288
COALspot.com: Indonesian Coal Price Reference for April in a steep climb from March 2022.
As expected, Russia – Ukraine war dr ...
Thursday, 31 March 22
CHINA STATE PLANNER ASKS COAL INDEX PROVIDERS TO RECTIFY IRREGULARITIES - REUTERS
China’s state planner has asked some major coal price index providers to rectify “severe irregularities” it had identified in the ...
Thursday, 31 March 22
IMPORTED COAL PRICES TO JUMP 55% IN APR-JUN, IMPACT INDIAN FIRMS: ICRA - LIVEMINT
Supply disruption owing to the Russia-Ukraine conflict could push the price of imported coal by 45-55% in Q1FY23 compared to the previous quarter, ...
Thursday, 31 March 22
CHINA'S COAL OUTPUT SET FOR MODERATE GROWTH IN 2022 - INDUSTRY BODY - REUTERS
China is expected to see its coal output to grow further in 2022 after hitting a record last year, an industry body forecast on Wednesday, as the c ...
Tuesday, 29 March 22
MEMR OF INDONESIA HAS FIXED COAL PRICE AT US$ 90 PER TONNE FOR DOMESTIC INDUSTRIES EXCEPT SMELTER INDUSTRIES; FOR PLN USD 70 IS APPLICABLE
Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif has set the selling price of coal for domestic, industrial except metal processing an ...
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- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Planning Commission, India
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Wilmar Investment Holdings
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
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