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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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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- The University of Queensland
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
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