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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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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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Showing 76 to 80 news of total 6871 |
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- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Australian Coal Association
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
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