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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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Monday, 02 January 23
CHINA’S COAL CONSUMPTION TO PEAK BY 2035: REPORT - REUTERS
China’s primary energy consumption is likely to peak at nearly 6.03 billion tonnes of standard coal between 2030 and 2035, refining giant Chi ...
Thursday, 29 December 22
INDIA'S COAL DEMAND LIKELY TO PEAK BETWEEN 2030-2035: MINISTER - ANI
The demand for coal in India will continue and is likely to peak between 2030-2035, Union Minister of Coal, Mines, and Parliamentary Affairs Pralha ...
Thursday, 29 December 22
RIO TINTO AND PARTNERS COULD RECEIVE AS MUCH AS $450M IN GOVERNMENT COMPENSATION FOR COAL PRICE CAP - THE GUARDIAN
Compensation payments for the Gladstone power plant remain the sticking point in the federal government’s coal price cap compensation negotia ...
Wednesday, 28 December 22
MARKET INSIGHT - INTERMODAL
The United Nations Conference on Trade and Development (UNCTAD) published a Global Trade Update on December 13th highlighting that global trade wou ...
Thursday, 22 December 22
RUSSIAN OIL EXPORTS CRATER BY 54% IN THE FIRST FULL WEEK OF THE EU'S EMBARGO AMID A SHORTAGE OF TANKERS WILLING TO CARRY CARGOES - BUSINESS INSIDER
Since the European Union imposed its seaborne crude sanctions, Russian oil exports have tumbled by more than half, according to data compiled by Bl ...
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- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Economic Council, Georgia
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Planning Commission, India
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- White Energy Company Limited
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
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