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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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Monday, 06 December 21
CHINA SETS 2022 ANNUAL THERMAL COAL PRICES AT 700 YUAN/T - MEDIA: REUTERS
China’s top economic planner has proposed to set annual thermal coal prices for 2022 at between 550 yuan and 850 yuan ($86-$133) per tonne, a ...
Thursday, 02 December 21
BUMI RECORDED US$ 666.18 MILLION AS REVENUE IN THE 3RD QUARTER, UP 13.31% YOY
PT Bumi Resources Tbk and its subsidiaries have recorded a surge in revenue in the third quarter of 2021. BUMI has recorded US$ 666.18 million as r ...
Thursday, 02 December 21
CHINA'S COAL CRUNCH IS OVER, BUT PRICES ARE STILL TOO HIGH - REUTERS
China’s coal crisis has largely been resolved with gains in both production and stockpiles sufficient to ensure power supplies over winter.
...
Wednesday, 01 December 21
2022 OUTLOOK: INDONESIAN COAL MINING - FITCH RATINGS
Fitch Ratings has a neutral outlook on the Indonesian coal sector for 2022.
Earnings generation should slow down as selling pr ...
Wednesday, 01 December 21
SUPPLY OF COAL TO POWER PLANTS IN NOV MORE THAN CONSUMPTION: JOSHI - PTI
The supply of coal to power plants in November is more than the consumption, resulting in rise in stock of dry fuel at power plants, and this trend ...
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- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Marubeni Corporation - India
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
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