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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, 23 December 21
INDONESIA’S 2022 COAL OUTPUT SEEN BETWEEN 637 MLN-664 MLN T- OFFICIAL - REUTERS
Indonesia’s 2022 coal output is estimated at between 637 million to 664 million tonnes based on production plans currently being finalised, s ...
Thursday, 23 December 21
VALE ANNOUNCES THE SALE OF ITS COAL ASSETS
Vale informs that, on this date, it has entered into a binding agreement with Vulcan to sell the Moatize coal mine and the Nacala Logistics Corrido ...
Thursday, 23 December 21
INDIA: CAPTIVE POWER PRODUCERS URGE GOVT TO ENSURE NORMAL COAL SUPPLIES - PTI
A captive power producers’ association has urged the government for 100 per cent normalisation of coal supply to captive power producers whil ...
Thursday, 23 December 21
MARKET INSIGHT - INTERMODAL
As an outstanding year for the dry bulk freight market comes to a close, so does a thriving year for the SnP market which can only be compared to 2 ...
Tuesday, 14 December 21
COAL LOCK-IN IN SOUTHEAST ASIA PRESENTS A CHALLENGE FOR THE ASIAN DEVELOPMENT BANK'S COAL RETIREMENT PLAN - IEEFA
In August, the Asian Development Bank (ADB) announced an ambitious plan to buy high emissions coal-fired power plants in Southeast Asia and retire ...
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- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Australian Coal Association
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- The University of Queensland
- The State Trading Corporation of India Ltd
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