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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, 05 January 22
INDONESIA WARNS COAL SUPPLY CRUNCH NOT OVER AS CHINA PRICES RALLY - REUTERS
Indonesia has warned that its coal supply situation remains critical, ahead of Wednesday’s (Jan 5) review of its export ban, unnerving global ...
Tuesday, 28 December 21
INDIA'S ADANI NEARS FIRST COAL SHIPMENT FROM SHUNNED AUSTRALIAN MINE - REUTERS
India’s Adani Group ADEL.NS is preparing to ship the first coal cargo from Australia’s most controversial mine, after battling a seven- ...
Thursday, 23 December 21
COAL TO STAY AS MAJOR SOURCE OF ENERGY IN FORESEEABLE FUTURE: JOSHI - BUSINESS STANDARD
Coal will stay as a major source of energy in the foreseeable future as it is an affordable source of energy with substantial reserve, Parliament w ...
Thursday, 23 December 21
ANNUAL U.S. COAL-FIRED ELECTRICITY GENERATION WILL INCREASE FOR THE FIRST TIME SINCE 2014 - EIA
From December 20 through December 30, Today in Energy will feature some of our favorite articles from 2021. Today’s article was originally pu ...
Thursday, 23 December 21
COAL DEMAND TO PEAK IN INDIA BY 2030, WILL BACK UP RENEWABLES: NITI REPORT - BUSINESS STANDARD
Coal will remain India’s mainstay energy source and the country will shape global demand this decade, two reports have said a month after the ...
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- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- PTC India Limited - India
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
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