Key facts
- Fraudsters are using fake websites and documents to sell non-existent oil storage in Rotterdam.
- The scams, known as storage spoofing, have been ongoing for approximately 15 years.
- Traders have lost millions of dollars, with one trader losing $1.5 million in a single deal.
- Known reported frauds cost traders at least $11.5 million annually.
- Deals with a total offered value of $2.9 billion were reported to a task force last year.
- A collaborative awareness platform, storagespoofing.nl, has been launched to combat the fraud.
The Port of Rotterdam is grappling with an escalating problem of sophisticated oil storage fraud, where scammers use fake documents and websites to sell non-existent oil inventories and storage capacity. These "storage spoofing" schemes have been active for approximately 15 years, exploiting the complexities of international oil trading and tank-storage logistics.
Fraudsters create convincing fake websites and digital communications that impersonate legitimate companies, making it difficult for traders to distinguish them from real ones. This has led to significant financial losses, with one British oil trader, Atif Aslam, losing nearly $1.5 million in a deal for oil that did not exist. The Port of Rotterdam Authority estimates that known reported frauds cost traders at least $11.5 million (10 million euros) annually.
Last year alone, the task force received reports of deals with a total offered value of $2.9 billion (2.5 billion euros). In response, the Port of Rotterdam Authority and the Association of Dutch Tank Storage Companies (VOTOB) have expanded a dedicated task force. This collaborative effort also includes the commodity traders' association, The Commodity Traders (TCT), and the Seaport Police District.
To further combat these increasingly sophisticated scams, which are amplified by AI tools, an awareness platform called www.storagespoofing.nl has been launched. This initiative is a joint effort by the Port of Rotterdam Authority, VOTOB, TCT, and the Seaport Police, aiming to protect the integrity of the port and its legitimate businesses.