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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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Showing 41 to 45 news of total 6871 |
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- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- White Energy Company Limited
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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