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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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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
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