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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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Tuesday, 05 October 21
CAPESIZE MARKET WAS IN A STEEP CLIMB FOR MOST OF THIS WEEK - BALTIC EXCHANGE
Capesize
The Capesize market was in a steep climb for most of this week as it reached a pinnacle of $74,786 Wednesday before stalling, regather ...
Wednesday, 29 September 21
THE WRITING IS ON THE WALL: AUSTRALIA’S COAL ERA IS OVER - YAHOO!FINANCE
As the fringe of Australian politics strives to pump up the coal industry, facts show that coal production has started its long run decline.
&n ...
Wednesday, 29 September 21
SURGING COAL PRICES SPLIT ASIAN BUYERS INTO RICH AND POOR - REUTERS
As seaborne coal in Asia trades at, or near, record highs, there are early signs of demand destruction, especially among price-sensitive buyers suc ...
Wednesday, 29 September 21
MARKET INSIGHT - INTERMODAL
Tanker Asset values have surprised to the upside, despite the downward pressure on the freight market. Tanker rates have been hovering close to the ...
Tuesday, 28 September 21
THE MAIDEN EDITION OF DIVE TECHNOLOGY SUMMIT 2021 CONCLUDES SUCCESSFULLY
Press Release: DIVE TECHNOLOGY SUMMIT 2021, a one-day conference on the recent technological advancements in the Industrial Diving industry conclud ...
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- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
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