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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, 17 January 23
MARKET INSIGHT - INTERMODAL
Rumor has it that the New Year has come, to set the pace in, for Russia to continue hostilities against Ukraine. Ten months on the go, into Russia& ...
Tuesday, 17 January 23
INDONESIA IS ACCOUNTING FOR 32.3% OF THE GLOBAL SEABORNE COAL MARKET IN 2022 - BENCHERO 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, Benchero ...
Tuesday, 10 January 23
INDONESIAN HBA IS SEEING A SPIKE IN JANUARY 2023 INSTEAD OF A SIGNIFICANT FALL IN DECEMBER 2022
COALspot.com: Indonesian Coal Price Reference up 8.43% in January 2023.
HBA is seeing a dramatic spike in January 2023 i ...
Sunday, 08 January 23
INDIAN COAL POWER PLANTS SHOULD BE COMPENSATED FOR 2022 FORCED GENERATION – REGULATOR : REUTERS
Indian power plants that rely on imported coal should be fully compensated when forced to supply electricity, the country’s power regulator s ...
Sunday, 08 January 23
ELEVATED COAL PRICE A DRAG ON MARGINS OF DOMESTIC BASE METAL PLAYERS: ICRA
The increased price of coal continue to be a drag on the margin of domestic base metal players with no immediate relief in sight, rating agency ICR ...
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- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Planning Commission, India
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
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