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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, 03 November 21
CHINA TO LAUNCH NEW DATA MONITORING SYSTEM, TARGETING COAL MARKET SPECULATION, HOARDING - GLOBAL TIMES
China’s top economic planner announced on Sunday a new data system for supervising the implementation of medium- and long-term contracts of c ...
Wednesday, 03 November 21
CHINA’S STATE PLANNER SAYS COAL SUPPLY IMPROVING, PRICES STABILISING - REUTERS
China’s coal supply situation has seen significant improvement with joint efforts from coal producers, logistics and downstream users, while ...
Wednesday, 03 November 21
HIGHER COKING COAL PRICES TO PARE PROFITABILITY OF STEELMAKERS IN SECOND HALF OF FY22 - CRISIL RATINGS
The operating margin of primary steelmakers will reduce by a third to 24-26% in the second half of this fiscal versus the first half as input cost ...
Wednesday, 03 November 21
MARKET INSIGHT - INTERMODAL
November is here and soon the all time seasonal favorite “all I want or Christmas is you” by Mariah Carey will be played in radio stati ...
Monday, 01 November 21
COAL PRICES HAVE FURTHER ROOM TO DROP: TOP ECONOMIC PLANNER - GLOBAL TIMES
China’s top economic planner said coal prices have further room to drop on Friday, as the most traded coal futures dropped to below 1,000 yua ...
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- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- GMR Energy Limited - India
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
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