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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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Friday, 22 October 21
HARD COAL REMAINS AN IMPORTANT FACTOR FOR SECURITY OF SUPPLY - COAL IMPORTERS ASSOCIATION, GERMANY
- Hard coal remains an important factor for security of supply
- Increase of around 35% in hard-coal-fired power generation in the first three ...
Wednesday, 20 October 21
CHINA'S COAL SHORTAGE TO EASE IN COMING MONTHS, INDUSTRY BODY SAYS - REUTERS
China’s coal shortage will likely ease in coming months, with domestic production and imports already showing signs of picking up, a coal ind ...
Wednesday, 20 October 21
CHINA'S RAW COAL OUTPUT DROPS IN SEPTEMBER - XINHUA
China’s raw coal output dropped 0.9 percent year on year to 330 million tonnes last month, data from the National Bureau of Statistics (NBS) ...
Wednesday, 20 October 21
OVER-RELIANCE ON COAL IN OUR POWER MIX HURTING INDIA - LIVEMINT
In spite of the renewables push, coal still accounts for about 50% of India’s installed power capacity. That means a simultaneous demand and ...
Wednesday, 20 October 21
CHINA COAL HITS RECORD HIGH AMID TIGHT SUPPLIES - REUTERS
China coal prices hit a record high on Tuesday buoyed by a widening power crunch and cold weather despite Beijing’s efforts to bolster supply ...
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- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
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