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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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Friday, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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Showing 31 to 35 news of total 6871 |
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- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
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