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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, 11 September 21
RECORD CHINESE COAL FUTURES SIGNAL NEED TO BOOST OUTPUT - REUTERS
China’s coal prices have climbed to a record high, signaling the need for more production in the short term, even as the government tries to ...
Saturday, 11 September 21
IN 2022, EIA EXPECTS U.S. COAL PRODUCTION TO INCREASE BY 47 MMST TO 648 MMST
U.S. Coal production accordng to EIA's forecast, totals 601 million short tons (MMst) in 2021, 66 MMst more than in 2020, EIA's Short-Term ...
Wednesday, 08 September 21
FITCH RATINGS RAISES THERMAL COAL PRICE ASSUMPTIONS ON TIGHT SUPPLY
Fitch Ratings has increased all its Qinhuangdao 5,500kcal/kg price assumptions and short- and medium-term Newcastle 6,000kcal/kg price assumptions ...
Wednesday, 08 September 21
COAL IS STILL KING; INDONESIAN COAL PRICE REFERENCE ABOVE $150 FOR FIRST TIME IN HISTORY
COALspot.com: The Indonesian Coal Price Reference rose dramatically from US$ 127.05 in February 2011, to a peak of US$ 150.03 in September 2021, be ...
Wednesday, 08 September 21
MARKET INSIGHT - INTERMODAL
Last August was extremely hot in the dry bulk market with rates rising at levels that we have years to witness. The dry bulk index exceeded the 4,0 ...
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- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Planning Commission, India
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
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