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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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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Showing 6 to 10 news of total 6871 |
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- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Economic Council, Georgia
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
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