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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, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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