ITIC Warns of Growing Funds Diversion Frauds

first_imgzoom International Transport Intermediaries Club (ITIC) says fraudulent diversion of funds is on the increase in the maritime sector.Having previously issued a warning about the fraudulent diversion of port expenses, ITIC says it is now seeing evidence of similar frauds being perpetrated across the wider marine industry.In a typical such fraud, the party due to make a payment will receive a bogus message altering the recipient’s bank details. Examples have included the diversion of ship agents’ disbursements accounts. Ship managers are also among those who have been targeted.The email addresses used by the fraudsters are only very slightly different to the genuine ones – perhaps a single letter being omitted.“Any message changing account details should be regarded with suspicion, and steps taken to secure independent verification of instructions,” says ITIC, noting that it is very difficult to spot these differences.“By way of example, one shipbroker managed to frustrate an attempt to divert monthly hire payments by telephoning an owner’s accounts department to verify whether or not a request to forward funds was genuine. It wasn’t. The check should not involve replying to the suspect email, but rather using a different channel of communication or, at the very least, re-entering the email address copied from a message known to be genuine.”last_img read more

Huawei expects no relief from US sanctions but is confident

SHENZHEN, China — The founder of Chinese tech giant Huawei says he expects no relief from U.S. export curbs due to the political climate in Washington but expressed confidence the company will thrive because it is developing its own technology.Ren Zhengfei also said Tuesday he doesn’t want relief from the U.S. sanctions if it requires China to make concessions in a tariff war, even if that means his daughter, who is under house arrest in Canada on U.S. criminal charges, faces a longer legal struggle.In an interview with The Associated Press, Ren said Huawei expects U.S. curbs on most technology sales to go ahead despite Monday’s announcement of a second 90-day delay. He said no one in Washington would risk standing up for the company.Joe McDonald, The Associated Press