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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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Saturday, 30 October 21
CHINA'S COAL PRICES SEE BIGGEST WEEKLY FALL IN MORE THAN 5 YEARS - REUTERS
China’s coal futures prices saw their biggest fall in more than five years after the powerful state planner said there is still room to adjus ...
Saturday, 30 October 21
G-20 LEADERS PREPARE STATEMENT TO STOP FUNDING FOREIGN COAL PLANTS - BLOOMBERG
Leaders of the Group of 20 wealthy economies are preparing to pledge to stop funding foreign coal-fired plants, but are still wrangling over climat ...
Friday, 29 October 21
APAC THERMAL COAL SUPPLY TO REMAIN TIGHT AS WINTER LOOMS - FITCH RATINGS
APAC thermal coal prices have surged, hitting historically high levels. The benchmark Newcastle 6,000kcal/kg grade coal reached USD228/tonne in mid ...
Thursday, 28 October 21
CANADA BAN ON SHIPPING COAL WOULD EQUAL SCRAPPING AS MANY AS 3 MILLION CARS - IEEFA
Canada ban on shipping coal would equal scrapping as many as 3 million cars
Change in Canadian policy could have major implications ...
Tuesday, 26 October 21
CHINA'S COAL-RICH SHANXI BEEFS UP COAL PRODUCTION - XINHUA
Major coal producers in north China’s Shanxi Province, a leading coal-producing region of the country, have beefed up production to ensure en ...
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- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
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