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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, 26 October 21
ENERGY CRISIS SHOWS COAL IS AN EXPENSIVE AND UNRELIABLE SOURCE OF ELECTRICITY GENERATION - IEEFA
Any knee-jerk reaction that urges more investment in coal completely misses the point
India is teetering on the brink of joining a growing glo ...
Tuesday, 26 October 21
CHINA TO INVESTIGATE ENERGY INDEX PROVIDERS IN BID TO TAME COAL PRICES - REUTERS
China said on Monday it will investigate energy price index providers as it urged coal industry participants to “strictly” meet contrac ...
Tuesday, 26 October 21
THERE IS PLENTY OF COAL AND GAS IN THE WORLD BUT A VOLATILE MARKET IS NOBODY'S FRIEND - IEEFA
Gas will be winding its way out of the energy system
Gas prices are continuing to surge around the world. The cost of gas is at unpr ...
Tuesday, 26 October 21
AUSTRALIA EXPORTED 51.6 MLN TONNES OF COAL TO INDIA IN FIRST 10 MONTHS, 19% OF ALL AUSTRALIAN COAL EXPORTS; CHINA WAS THE DESTINATION FOR JUST 0.7% - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. In 2021 things started pretty badly, but we are seeing increasing signs of ...
Monday, 25 October 21
A QUESTION OF POSSESSION - THE BALTIC EXCHANGE
Possession and tangibility are closely related concepts long established under English law. Yet a change to these concepts is around the corner. Th ...
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Showing 431 to 435 news of total 6871 |
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- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Australian Coal Association
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- PTC India Limited - India
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Planning Commission, India
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
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