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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, 01 December 21
MARKET INSIGHT - INTERMODAL
Essentially, anyone involved in the shipping and commodity markets still struggle with commodity supply issues and skyrocketing prices in the conte ...
Tuesday, 30 November 21
CHINA'S TOP ECONOMIC PLANNER SUMMONS COAL PRODUCERS; LONG-TERM PRICING MECHANISM IS ADVISED - GLOBAL TIMES
China’s top economic planner the National Development and Reform Commission (NDRC) said on Monday that they summoned coal producers for a hea ...
Tuesday, 30 November 21
CHINA'S COAL PRICES PLUNGE AFTER GOVT SIGNALS MORE PRICE REGULATION - REUTERS
China’s thermal coal futures dropped 5.6% on Monday after the state economic planner signaled further regulations for prices of the dirty pow ...
Friday, 26 November 21
AS COAL MARKET STABILIZES, CHINA STEPS UP NATURAL GAS SUPPLY TO MEET WINTER DEMAND - GLOBAL TIMES
The daily supply of natural gas in China has exceeded 1 billion cubic meters (bcm) since November began, up 11 percent year-on-year, data from stat ...
Friday, 26 November 21
CHINA FINDS COMPLIANCE PROBLEMS IN COAL PRICE INDEX PROBE - REUTERS
China’s state planner on Wednesday said it had discovered some “noncompliant” behaviour among coal price index providers as it an ...
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- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- PTC India Limited - India
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Minerals Council of Australia
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- White Energy Company Limited
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