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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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Wednesday, 02 February 22
MARKET INSIGHT - INTERMODAL
Oil prices have rallied to the highest level since October 2014 breaking above $90/bbl recently. November 2014 was the point when OPEC unleashed pr ...
Monday, 31 January 22
HOW INDONESIA'S COAL EXPORT BAN COULD IMPACT INDIA - IEEFA
What does it mean for power generation and energy security?
Not long ago, India faced coal shortages due to a decline in domestic co ...
Sunday, 30 January 22
AIR PRODUCTS' COAL GASIFICATION PROPOSAL TRIGGERS LOOMING POLICY DISPUTES IN INDONESIA - IEEFA
Plan to substitute Indonesia’s LPG imports with dimethyl ether may be hard to realize due to conflicting business interests
In ...
Sunday, 30 January 22
ENDGAME FOR NEW COAL POWER PROJECTS? - IEEFA INDIA
Retired coal units must be replaced only by assets that can provide grid flexibility
Reportedly, an expert committee appointed by th ...
Thursday, 27 January 22
2022 - A YEAR OF REBALANCING FOR METALS AND MINING - WOOD MACKENZIE
If 2021 was the year of rebound for metals and mining (M&M) commodities, then 2022 is shaping as the year of rebalance, says Wood Mackenzie, a ...
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- Romanian Commodities Exchange
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- The University of Queensland
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
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