As consumer demand and manufacturing production slows in many parts of the world, cargo, either in containers or stripped from transport units, is building up in warehouses, port terminals and inland depots. International freight and logistics insurer, TT Club warns of the additional risk this is bringing operators.
Stakeholders in the international supply chain can find themselves unwittingly exposed to many types of fraud during the normal course of business. Connectedness provides fraudsters greater ease to transact and a lower risk of apprehension. The current pandemic-induced dislocation and additional logistics challenges simply increase the risks. Be alert!
Cargo theft continues to blight the international supply chain, giving rise to disruption, unpredictability and widespread financial exposures. Whilst there are obvious commercial impacts, the loss of cargo and ensuing insurance claims for example, studies continue to develop a greater understanding of the overall impact of cargo theft, both economic and societal. It is widely believed that organised criminal gangs are often the orchestrators of cargo theft and that the proceeds inevitably support other illicit trades.
The second annual report on cargo theft worldwide, issued today by leading international transport and logistics insurer, TT Club and global provider of supply chain intelligence, BSI confirms the overwhelming targeting of cargo trucks compared to all other modalities.
The importance of implementing robust due diligence procedures, incorporating all aspects of your business, cannot be underestimated as key risk mitigation. If something appears too good to be true, then it probably is.
TT Club and BSI Supply Chain Services & Solutions have teamed up again to produce a full year analysis of cargo theft, together with some further loss prevention commentary to assist those considering how to combat this on-going threat.
Signum Services Limited (Signum) serves to conduct investigations worldwide on behalf of TT Club and its Members. This article draws on the experience and observations of these former senior detectives, with particular focus on crime in the UK.
TT Club and BSI have issued the second edition of their report on global cargo theft, the first to cover a full year. Highlighted findings include: theft from road vehicles once more accounts for the highest proportion at 84%; Slash and Grab the largest type of cargo theft at 26% globally but with significant regional variations; the combination of food, beverage, alcohol and tobacco making up the most common commodity group at 34% and South America topping the regional analysis of median value for each theft at $77,000.
In conjunction with BSI Supply Chain Services and Solutions, TT Club has launched the first joint 2018 Semi-Annual Global Cargo Theft Intelligence and Advisory Report. The report demonstrates their shared goal ofr educating the transport and manufacturing sectors about dynamic cargo theft risks.
BSI Supply Chain Services and Solutions and leading international transport and logistics insurer, TT Club launch the first joint 2018 Semi-Annual Global Cargo Theft Intelligence and Advisory Report. The report brings together threat and intelligence data from BSI's supply chain security country risk intelligence tool, SCREEN and TT Club's insurance risk management and loss prevention insights.
Counterfeit products put the health and safety of consumers worldwide at risk whilst depriving governments, businesses and communities of tax revenues, profits and legitimate jobs.
