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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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Monday, 27 September 21
CHINESE COAL FIRMS MEET TO ADDRESS WINTER SUPPLY CHALLENGES - CNBC
Major Chinese coal producers are trying to resolve supply shortages and curb price rises as the country’s winter consumption peak approaches, ...
Saturday, 25 September 21
HIGH STAKES FOR ASIAN DEVELOPMENT BANK’S AMBITIOUS COAL POWER RETIREMENT PLAN - IEEFA
Implementation challenges could block funding for other equally important high impact clean energy funding strategies
In the lead up ...
Thursday, 23 September 21
LONGER COAL CONTRACTS MAY REIN IN PRICES - ECNS
In China’s coal sector that has been marred recently by price surges, regional authorities and related enterprises should ensure the fuel con ...
Thursday, 23 September 21
BALTIC INDEX HITS 12-YEAR PEAK ON FIRMER VESSELS RATES - REUTERS
The Baltic Exchange’s main dry bulk sea freight index rose for a fourth straight session on Wednesday to a 12-year high, buoyed by higher rat ...
Thursday, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Australian Coal Association
- The Treasury - Australian Government
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