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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, 09 November 21
ASIA-PACIFIC IS HOME TO SOME OF THE WORLD'S LARGEST CARBON-EMITTERS - 2 CHARTS SHOW ITS RELIANCE ON COAL - CNBC
Asia-Pacific is home to some of the world’s largest carbon emitters — and experts say much of global efforts to fight climate change de ...
Tuesday, 09 November 21
CHINA DAILY COAL OUTPUT HITS MULTI-YEAR PEAK, PRICES EXPECTED TO FALL - REUTERS
China’s daily coal output hit 11.93 million tonnes last week, a multi-year high as more capacity returned to operation, the state planner sai ...
Thursday, 04 November 21
CHINA'S COAL MARKET SEES SIGNIFICANT IMPROVEMENTS: NDRC - GLOBAL TIMES
China’s top economic planner has declared initial success in its efforts to ensure coal supply and stabilize prices, saying that daily coal o ...
Thursday, 04 November 21
CHINA THERMAL COAL PRICES RISE AFTER FALLING FOR 10 DAYS - REUTERS
China thermal coal futures rebounded on Wednesday after falling for 10 days on an expected jump in fuel demand to meet heating needs amid forecasts ...
Thursday, 04 November 21
FASTER DECARBONISATION: BACK TO BASICS FOR THE MINING INDUSTRY? - WOOD MACKENZIE
To the uninitiated, rugby is a technical and complicated game. As young schoolboys it was all a wee bit confusing and we invariably ended up on the ...
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- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- PTC India Limited - India
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
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