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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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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Showing 31 to 35 news of total 6871 |
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- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Australian Coal Association
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Bhatia International Limited - India
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
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