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TT Club outlines the threat of fraud on supply chains

The U-Freight Group (UFL), with our broad range of multimodal freight forwarding and logistics services notes a recent TT Club analysis that says that the predominance of online facilities to process business transactions "allows a myriad of fraudulent pursuits to find opportunities within the complexities of the global supply chain”.

TT Club reports that the offences range from payment fraud involving existing mandates and impersonation of executives to procurement fraud featuring false invoicing. Yet, there is a focus. 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.

Mike Yarwood, managing director, loss prevention at TT, spoke of "sophisticated organised crime gangs. They have well-honed methodologies that are adaptable in the face of detection devices and changes in operating procedures."

TT keeps gathering and handing out information to assist operators to shield themselves from fraudulent activities as it sees 15% of its cargo theft claims arise from fraud or deception.

For more information about U-Freight’s multimodal freight and logistics services, and the steps we take to ensure that the supply chains we manage do not fall victim to fraud, please contact your local office.