Fraudsters taking advantage of online global trading, warns TT Club

The almost exclusive use of online facilities to process business transactions is allowing fraudulent pursuits to find opportunities within the complexities of the global supply chain, the TT Club has warned. Carrier fraud, in which criminals imitate hauliers and other sub-contractors, including drivers with falsified documents, accounted for 84 per cent of TT claims involving fraud or deception in 2022. "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," said Mike Yarwood, managing director, loss prevention at TT.