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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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Saturday, 11 December 21
BUNKER BUYERS LOSE UP TO $5/MT FOR NOT COVERING ENOUGH SUPPLIERS - INTEGR8 FUELS
With the Brent price recently touching the $80 mark and before the Omicron variant concerns pushed it lower, bunker prices reached levels not seen ...
Tuesday, 07 December 21
SUPERCYCLE DEMAND: ARE WE THERE YET? - WOOD MACKENZIE
Taking young children on a long journey is fraught with challenges, not least the inevitable question a few minutes after leaving: are we there yet ...
Tuesday, 07 December 21
COAL WOULD REMAIN ENERGY LEADER FOR AT LEAST 15 YEARS - LIVEMINT
Coal India Ltd (CIL) has been in the eye of the storm after fuel stocks at coal-fuelled power plants depleted in October. Fuel stocks since are bei ...
Tuesday, 07 December 21
GLOBAL SHIPPING OUTLOOK TURNS STABLE FROM POSITIVE ON THE BACK OF PEAKING EARNINGS DURING 2021 - MOODY'S
The outlook for the global shipping industry is changed to stable from positive for the next 12 to 18 months due to demand slightly outstripping su ...
Tuesday, 07 December 21
COAL FIRMS SEE SHARE PRICES SURGE MONDAY, AFTER GOVERNMENT READJUSTS CONTRACT PRICES - GLOBAL TIMES
Share prices of China’s coal enterprises jumped on Monday on the A-share market following a nationwide adjustment to annual thermal coal pric ...
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- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- White Energy Company Limited
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
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