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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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Monday, 25 October 21
CHINA VOWS TO SEVERELY PUNISH MARKET VIOLATIONS AMID LOW COAL FUTURES PRICES - GLOBAL TIMES
Domestic coal futures had plunged for three consecutive trading days after the government vowed to crack down on soaring prices, and China’s ...
Monday, 25 October 21
FARMERS MAY JOIN THE COAL COMMODITY MARKET TO REDUCE RISKS - GLOBAL TIMES
A recent trip to by the Global Times to East China’s Shandong Province to get a glimpse of China’s coal supply chain revealed a surpris ...
Monday, 25 October 21
CHINA COAL PRICES MARK WORST WEEK SINCE MAY ON GOVERNMENT INTERVENTION - REUTERS
China’s thermal coal futures plunged on Friday and turned in their worst week in five months, following Beijing’s strongest interventio ...
Friday, 22 October 21
THE BIG PICTURE: ENERGY MARKETS - BREAK WAVE ADVISORS
The shipping markets have been pulled further into wild markets of coal and other energy sources. Given how nebulous this sector is, it’s alw ...
Friday, 22 October 21
CHINA WANTS TO COOL COAL PRICES. SIMILAR MOVES FOR METALS, CRUDE FAILED - REUTERS
China’s latest attempt to lower runaway commodity prices, this time for thermal coal, is likely to follow a familiar pattern of initial succe ...
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- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Parliament of New Zealand
- VISA Power Limited - India
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Australian Coal Association
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Minerals Council of Australia
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Planning Commission, India
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
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