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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, 16 November 21
CHINA'S MONTHLY COAL OUTPUT RISES TO HIGHEST SINCE MARCH 2015 - REUTERS
China’s October coal output rose to the highest since at least March 2015, after Beijing approved a raft of coal mine expansions to tame reco ...
Friday, 12 November 21
RUSSIA-INDIA COKING COAL DEAL UNLIKELY TO IMPACT PANAMAX SHIPPING - DREWRY
Russia and India have recently entered into an agreement whereby Russia will supply up to 40 million tonnes of coking coal to India every year. Dre ...
Friday, 12 November 21
ASIA COAL POWER PIPELINE TO SHRINK BY TWO THIRDS AFTER CHINA FINANCE CUT - REUTERS
Asia’s pipeline of proposed coal-fired power plants is expected to shrink from 65 gigawatts to 22 gigawatts following China’s pledge to ...
Friday, 12 November 21
INDONESIAN COAL PRICE REFERENCE TOPS $215 A TON; THE HIGHEST COAL PRICE IN HISTORY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second half of 2021 as it reached a pinnacle of $215.01 in November 2021 ...
Thursday, 11 November 21
ASIA COAL POWER PIPELINE TO SHRINK BY TWO THIRDS AFTER CHINA FINANCE CUT - REUTERS
Asia’s pipeline of proposed coal-fired power plants is expected to shrink from 65 gigawatts to 22 gigawatts following China’s pledge to ...
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- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Petron Corporation, Philippines
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