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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, 25 November 21
SE ASIA POWER DEMAND TO RISE AS STATE SUPPORT MITIGATES COVID-19 IMPACT - FITCH RATINGS
Electricity demand in south-east Asia is likely to increase in 2021, following slow growth or contraction in 2020, thanks to state support that has ...
Thursday, 25 November 21
FITCH RATINGS INCREASES MOST GLOBAL METALS AND MINING PRICE ASSUMPTIONS - FITCH RATINGS
Fitch Ratings has increased most metals and mining price assumptions, particularly those that benefit from increased longer-term demand due to glob ...
Thursday, 25 November 21
CHINA'S COAL PRICE DROPS IN MID-NOVEMBER AMID GOVERNMENT’S SWEEPING MEASURES - GLOBAL TIMES
China’s coal prices have dropped significantly in mid-November compared with the beginning of the month, with the price of coking coal and co ...
Wednesday, 24 November 21
MARKET INSIGHT - INTERMODAL
Inflation is the word that has dominated the meetings of foreign leaders and finance ministers in recent weeks, as rising energy costs, supply chai ...
Wednesday, 24 November 21
WHY THIS MINING ANALYST IS UPBEAT ON THE IRON ORE PRICE FORECAST - MOTLEY FOOL
In many ways, 2021 can be called the year of the iron ore price. Much of the talk of the ASX town this year has revolved around this key economic m ...
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- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
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