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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, 22 September 21
MARKET INSIGHT - INTERMODAL
The unfolding last week of a trilateral defence pact between the United States, Australia, the United Kingdom (AUKUS) envisages a wide range of col ...
Tuesday, 21 September 21
CHINESE COAL IMPORTS FROM AUSTRALIA DROP 98.6% AS RESTRICTIONS BITE - BIMCO
In the first seven months of the year Chinese coal imports from Australia have totalled just 780,000 tonnes as Chinese restrictions on Australian c ...
Tuesday, 21 September 21
CHINA'S COAL OUTPUT RESUMES GROWTH IN AUGUST - XINHUA
China’s raw coal output rose 0.8 percent year on year to 340 million tonnes last month, official data showed.
The growth rate ...
Wednesday, 15 September 21
MARKET INSIGHT - INTERMODAL
Following the oil price sell off during most of August, partly triggered by oil demand fears amid the delta COVID variant, oil prices have resumed ...
Saturday, 11 September 21
CIL STEPS UP SUPPLY COAL TO POWER SECTOR; PER-DAY AVERAGE 20 PC HIGHER THAN LAST YEAR - PTI
State-owned CIL on Friday said it has stepped up the supply of coal to the power sector in the first eight days of the current month, with an avera ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Australian Coal Association
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
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