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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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Monday, 21 March 22
A FORCE MAJEURE TO BE RECKONED WITH - BALTIC EXCHANGE
Sanctions cause payment confusion
This dispute in MUR Shipping BV v. RTI Ltd [2022] EWHC 467 (Comm) related to an owner’s purported exercis ...
Monday, 21 March 22
CHINA'S COAL OUTPUT UP 10.3 PCT IN FIRST TWO MONTHS - XINHUA
China’s raw coal output posted fast growth in the first two months of 2022, while coal imports continued to shrink, official data showed.
...
Tuesday, 15 March 22
INDUSTRY VETERANS & ORGANIZATIONS HONOURED WITH THE PRESTIGIOUS SHIPTEK INTERNATIONAL AWARDS 2022
Press Release: The 15th edition of the prestigious ShipTek International Conference & Awards 2022 concluded successfully from March 7th - 8th 2 ...
Tuesday, 15 March 22
CHINA'S COAL OUTPUT GROWS TO STABILIZE MARKET SUPPLY - XINHUA
China’s coal market has seen growth in output since late February amid the country’s efforts to stabilize production and ensure supply, ...
Tuesday, 08 March 22
RUSSIA-UKRAINE CONFLICT ADDS IMPETUS TO ASIA'S ENERGY TRANSITION - IEEFA
Clean energy alternatives are a crucial hedge against future disruptions in global commodity markets
Russia’s invasion of Ukra ...
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- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- PTC India Limited - India
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Australian Coal Association
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
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