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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, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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Showing 26 to 30 news of total 6871 |
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- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
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