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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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Saturday, 09 October 21
CHINA POWER CUTS: COAL MINERS ORDERED TO BOOST OUTPUT, SAY REPORTS - BBC
Beijing has reportedly ordered China’s coal mines to boost output as an energy shortage across the country has seen millions of homes and bus ...
Friday, 08 October 21
SEPTEMBER CRUDE OIL TANKER DEMOLISHING HITS 39-MONTHS HIGH AT 1.9M DWT - PETER SAND
Has the lid finally come off for crude oil tanker demolition in 2021? If judged by the 1.9m DWT of capacity that was removed in September, the answ ...
Friday, 08 October 21
COAL SHORTAGE MAY LEAD TO RISE IN STEEL PRICES IN COMING MONTHS: JSPL MD - PTI
Steel prices are expected to increase in the coming months as companies are buying coal at three times the rates a month ago, said a top industry e ...
Wednesday, 06 October 21
INDONESIA COAL PRICE REFERENCE: ANOTHER MONTH, ANOTHER RALLY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second and third quarters of 2021 as it reached a pinnacle of $161.63 Oc ...
Wednesday, 06 October 21
EUROPEAN COAL FUTURES CLIMB TO 13-YEAR PEAK - REUTERS
European coal futures rose to a 13-year high and physical thermal coal prices were at record highs as rallying gas prices and strong Asian demand f ...
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- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Planning Commission, India
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
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