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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, 01 September 21
KOMIPO TO BUY 1.56 MILLION TONS OF 5600 NAR COAL OF AUSTRALIA OR SOUTH AFRICAN ORIGIN FOR 2022 - 2024
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Wednesday, 01 September 21
MARKET INSIGHT - INTERMODAL
As the summer season is coming to an end, the dry bulk market continues to rally. The confidence that the outstanding freight market performance ha ...
Monday, 30 August 21
68% OF U.S. COAL FLEET RETIREMENTS SINCE 2011 WERE PLANTS FUELED BY BITUMINOUS COAL - EIA
In 2011, the United States had 317.6 gigawatts (GW) of coal-fired electric generation capacity. About 88.7 GW of that capacity was retired in the d ...
Friday, 27 August 21
ALL YOU NEED TO KNOW ABOUT COAL'S MASSIVE RALLY AND NEAR-TERM OUTLOOK - CNBCTV18
Australia’s thermal coal at Newcastle Port, the benchmark for the vast Asian market, has surged over 100 percent this year to trade above $16 ...
Friday, 27 August 21
THE ECONOMICS OF INDONESIA’S DIESEL POWER PLANT TO GAS CONVERSION PLAN ARE PROBLEMATIC - IEEFA
Deploying new small-scale LNG is an uphill battle for PGN
Indonesian gas is currently in a precarious position, where the government needs to ...
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- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- White Energy Company Limited
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
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