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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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Wednesday, 13 October 21
FBX INDEX: THE IMPOSSIBILITY OF SHORT-TERM FORECASTING - LARS JENSEN
Will freight rates on Asia-Europe or the Transpacific reach 40.000 USD/FFE in the run-up prior to Chinese New Year 2022? Or will they start droppin ...
Wednesday, 13 October 21
CHINA FLOODS: COAL PRICE HITS FRESH HIGH AS MINES SHUT - BBC
The price of coal used in China’s power plants has surged to a new record high as another of the country’s key mining regions is hit by ...
Tuesday, 12 October 21
BUMA SIGNS CONDITIONAL AGREEMENT FOR AUSTRALIAN ASSET ACQUISITION
PT Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama, through its newly incorporated Australian subsidiary, BUMA International Pty ...
Tuesday, 12 October 21
INDONESIA'S COAL-BASED POWER PLANTS ARE SUBJECT TO CARBON TAX NEXT YEAR, ELECTRICITY COSTS COULD RISE! - CNBC
The Indonesian government is planning plans to implement a carbon tax of IDR 30 per kilogram (kg) of carbon dioxide equivalent (CO2e) or equivalent ...
Monday, 11 October 21
COAL ABANDONMENT IN POWER GENERATION PROMOTED GAS DEMAND GROWTH IN EUROPE - TOP MANAGER: TASS
Accelerated abandonment of coal in power generation and the overall recovery of economic activity facilitated gas demand growth in Europe and led t ...
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- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- PTC India Limited - India
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Parliament of New Zealand
- MS Steel International - UAE
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
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