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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, 20 January 22
CHINESE COAL JUMPS OVER 6% ON PRE-HOLIDAY SUPPLY WORRY - REUTERS
China’s thermal coal futures soared more than 6% on Wednesday, hitting a level last seen in late November as investors grew concerned over ti ...
Thursday, 20 January 22
VIETNAM: COAL SECTOR SEES POSITIVE PROSPECT IN 2022 - VNA
With many signs of rising demand for coal in various economic sectors in 2022, the Vietnam National Coal – Mineral Industries Group (Vinacomi ...
Wednesday, 19 January 22
MARKET INSIGHT - INTERMODAL
Since the beginning of the year, we have been witnessing the BDI correcting downwards with sizable drops across all segments. Latest similar levels ...
Sunday, 09 January 22
INDONESIA MINISTER SAYS 'EMERGENCY OVER' ON COAL SUPPLY CRUNCH - REUTERS
Indonesia’s power emergency which has triggered a coal export ban is over but the government will still continue to discuss policies in this ...
Wednesday, 05 January 22
CHINA COAL FUTURES SURGE ON SUPPLY WORRIES AMID INDONESIA EXPORT BAN - REUTERS
China’s thermal coal futures surged by as much as 7.8per cent to kick off 2022 on concerns of supply disruptions after Indonesia, its biggest ...
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- Australian Coal Association
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
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