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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, 26 January 22
MARKET INSIGHT - INTERMODAL
While it is logical that most of the S&P reports of the first weeks of the year are linked to very limited activity as reflected in the weekly ...
Wednesday, 26 January 22
INDONESIA: DME PROJECT IS ECONOMICALLY VIABLE AS STUDY DEMONSTRATES
The government is encouraging downstream coal processing or increase in coal added value, for example by turning coal into Dimethyl Ether (DME) to ...
Wednesday, 26 January 22
COMMODITY PRICES COULD SOAR IF THE RUSSIA-UKRAINE CRISIS ESCALATES - ING
It appears that a number of commodity markets are starting to at least price in some geopolitical risk around the growing tension between Russia an ...
Wednesday, 26 January 22
INDONESIA'S COAL BAN SENDS PRICES SOARING, OTHER EXPORTERS FAIL TO STEP UP - REUTERS
Indonesia’s short-lived ban on exporting coal has sent ructions through the seaborne market for the fuel in Asia, with the fallout likely to ...
Friday, 21 January 22
CHINA'S POWER TRADING TARIFFS TO RISE IN 2022 - FITCH RATINGS
Rising trading volume and higher-than-benchmark tariffs in the 2022 bilateral contracts signed between Chinese power generation companies (gencos) ...
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Showing 366 to 370 news of total 6871 |
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- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Australian Coal Association
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- The University of Queensland
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
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