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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, 24 November 21
PRICE OF CHINA’S COAL FUTURE DROPS BY 60% AS NATIONWIDE DAILY OUTPUT REACHES OVER 12 MILLION TONS: NDRC - GLOBAL TIMES
China’s daily coal output has now stabilized after reaching over 12 million tons and the price of coal futures has declined to 800 yuan ($125 ...
Friday, 19 November 21
CHINA: COAL SUPPLIES TO STABILIZE FOR COMING COLD SEASON
China is capable of ensuring stable coal supplies this winter and next spring with the increase in coal production and the rising stockpiles at pow ...
Wednesday, 17 November 21
MARKET INSIGHT - INTERMODAL
It has been another declining week for the dry bulk market and evidently, we are seeing asset values gradually losing momentum as well. Following a ...
Tuesday, 16 November 21
EARNINGS RECOVERY IN INDONESIAN COAL TO CONTINUE THROUGH 2021, BUT SLOW IN 2022 - FITCH RATINGS
The recovery in the operating and financial performance of Indonesian coal miners and coal contractors is likely to slow in 2022, but coal prices s ...
Tuesday, 16 November 21
INDONESIA’S 2022 COAL USE FOR POWER GENERATION SET TO RISE 3% - REUTERS
Indonesia’s coal consumption for power generation is likely to rise by 3.1% next year compared to 2021, the head of the country’s state ...
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- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Planning Commission, India
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