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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, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
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- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- VISA Power Limited - India
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- The Treasury - Australian Government
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
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