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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, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
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- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Planning Commission, India
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- PTC India Limited - India
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
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