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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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Thursday, 14 October 21
SPIKING COAL PRICES: DON’T BLAME THE ENERGY TRANSITION - IEEFA
Volatility highlights urgency for renewables-based energy solutions
“Energy crisis.” The phrase evokes nearly-forgotten ...
Thursday, 14 October 21
EIA FORECASTS U.S. COAL PRODUCTION TOTALS 588 MMST IN 2021, UP 53 MMST YOY
U.S. coal production in EIA's forecasts totals 588 million short tons (MMst) in 2021, 53 MMst more than in 2020.
According ...
Wednesday, 13 October 21
COAL PRICES ARE ROARING BACK AMID A GLOBAL ENERGY CRUNCH - SYDNEY MORNING HERALD
Soaring coal prices have placed Australia’s mining and energy exports on track to reach a record $349 billion this year evenas the value of t ...
Wednesday, 13 October 21
CHINA ISN'T THE ONLY HUGE ASIAN ECONOMY WITH A COAL SHORTAGE NOW - CNBC
China is not the only Asian giant grappling with an energy crunch — India is also teetering on the edge of a power crisis.
Mos ...
Wednesday, 13 October 21
MARKET INSIGHT - INTERMODAL
Following up on our insight on May 2021, where we discussed about the Capesize market outlook for the second half of the year, we are pleased to se ...
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- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- The University of Queensland
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
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