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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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Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- PTC India Limited - India
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Planning Commission, India
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Deloitte Consulting - India
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