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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, 08 March 22
THE HIGH COST OF INDONESIA’S DOWNSTREAM COAL PROJECTS IS UNDERESTIMATED - IEEFA
Three Indonesian ministries have come up with a DME purchase price of US$378/tonne fixed for 20 years compared to IEEFA’s US$601/tonne estima ...
Wednesday, 02 March 22
SHIPPING MARKET INSIGHT - INTERMODAL
The escalating confrontation between Russia and Ukraine has the potential to disrupt global order and set the world back a few decades. While count ...
Tuesday, 22 February 22
THE DRY BULK MARKET HAS MOVED ON A POSITIVE TRACK - ALLIED
The dry bulk market has moved on a positive track as of the past couple of weeks or so. Following the typical softening in freight conditions durin ...
Tuesday, 22 February 22
CHINA'S DAILY OUTPUT OF COAL REBOUNDS TO OVER 12 MLN TONNES - REUTERS
China’s coal output returned to more than 12 million tonnes per day as of Feb. 20, the country’s state planner said on Monday, a level ...
Thursday, 17 February 22
MAJOR INSTITUTIONS PROVIDED OVER $1.5 TRLN TO COAL SECTOR IN 2019-2021, SAYS NGO GROUP - REUTERS
Financial institutions channelled more than $1.5 trillion into the coal industry in loans and underwriting from January 2019 to November 2021, even ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Planning Commission, India
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
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