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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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Thursday, 17 February 22
APAC THERMAL COAL PRICES TO EASE ON END OF INDONESIA EXPORT BAN - FITCH RATINGS
Fitch Ratings-Shanghai/Singapore-14 February 2022: APAC thermal coal prices are likely to come under pressure in the near term due to seasonally we ...
Tuesday, 15 February 22
IS ANOTHER COAL SHORTAGE CRISIS LOOMING OVER INDIA? - BUSINESS STANDARD
In December last year, the Federation of Indian Mineral Industries (FIMI) shot off a letter to the Prime Minister claiming that the coal crisis was ...
Tuesday, 15 February 22
THERMAL COAL'S RECORD PRICE RUN MAY END UP ITS OWN WORST ENEMY - REUTERS
The price of benchmark Australian thermal coal rose last week to trade near record highs, providing a short-term boost to producers but increasing ...
Thursday, 10 February 22
INDONESIA: COAL EXPORT BAN - SKULD
Indonesia's coal export ban in the light of force majeure and off-hire clauses
In January 2022, Indonesia, the world's biggest exporte ...
Thursday, 10 February 22
EIA ANALYSIS CONSIDERS DIFFERENT OUTCOMES FOR COAL MARKETS IN INDIA AND SOUTHEAST ASIA
In our International Energy Outlook 2021 (IEO2021) Issues in Focus: Uncertainty in Coal Trade in India and Greater Southeast Asia, we analyze three ...
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- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- White Energy Company Limited
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
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