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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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Sunday, 26 February 23
MAWANI AND JEDDAH CHAMBER SIGN AN AGREEMENT TO BUILD INTEGRATED LOGISTICS PARK
Press Release: The Saudi Ports Authority (Mawani) and Jeddah Chamber of Commerce and Industry have today inked an agreement to set up an integrated ...
Saturday, 25 February 23
INDONESIA IS STILL BY FAR THE TOP SUPPLIER OF COAL TO CHINA - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels, said ban ...
Wednesday, 22 February 23
MARKET INSIGHT - INTERMODAL
The short-term outlook of the global soybean market is currently pivoted by a combination of weather patterns that are affecting the harvest progre ...
Saturday, 18 February 23
OIL UNLIKELY TO BREAK ABOVE $100/BBL THIS YEAR, J.P.MORGAN SAYS –- REUTERS
Brent oil prices are unlikely to breach the $100 a barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially add ...
Saturday, 18 February 23
CHINA'S COAL PRICES FALL TO 1 YR-LOW, CLOUDING DEMAND AND IMPORT OUTLOOK - REUTERS
China’s thermal coal prices hit their lowest levels in a year this week on rising inventories as domestic mine production is recovering faste ...
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- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Marubeni Corporation - India
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
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