We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Tuesday, 17 January 23
FRAUD IS THE BIGGEST THREAT TO CARGO LOSSES - TT CLUB
The almost exclusive use of online facilities to process business transactions allows a myriad of fraudulent pursuits to find opportunities within the complexities of the global supply chain. These have many manifestations; from payment fraud that involves existing mandates and impersonation of executives to procurement fraud featuring false invoicing.
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. TT is eager to pinpoint these risks and offer advice to industry on how to not just identify potential fraud but to minimise and avoid losses through them.
“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,” says Mike Yarwood, Managing Director, Loss Prevention at TT.
“Incidents of fraud that target international supply chains across the globe are not perpetrated by opportunistic criminals working in isolation but in the majority of cases the work of sophisticated organised crime gangs. They have well-honed methodologies that are adaptable in the face of detection devices and changes in operating procedures, as the experience of recent disruption to the freight transport system has proved. Our awareness and readiness to protect our businesses must be stepped-up.”
TT has produced significant resources* to assist operators to shield themselves from fraudulent activities as it sees 15% of its cargo theft claims arise from fraud or deception. Specific examples include the intentional submission of false invoices purportedly from an established supplier but actually generated by a fraudster infiltrating the online payment system and duplicated or inflated invoices. Other cases, falling into the category of mandate fraud, experience criminal deception by manipulation of bank transfer details by a fraudster pretending to be an organisation paid regularly by the operator by hacking into the victim’s email traffic and imitating a genuine supplier alter bank transfer details for payment of a legitimate invoice.
TT found however that carrier fraud dominated its claims of this type last year. There are instances of fake carriers intercepting haulage instructions from forwarders or shippers and posing as the authentic carrier; also falsifying cargo pick-up or delivery documentation to steal loads.
One common tactic is where fraudsters pose as a forwarders using a freight exchange site and provide false instructions to a driver. They match a legitimate haulier to a shipper, facilitating the movement of goods. The fraudster then acts as a ‘middle man’ between these two legitimate companies, arranging the collection and directing the driver. Once the trucker has collected the goods, the fraudster provides new instructions to deliver to an alternative address where the cargo is stolen.
“A key aspect of this scenario is that the driver and the shipper are not in direct contact with one another,” explains Yarwood. “To avoid incidents such as this and other frauds it is crucial to make employees aware of the possibilities, to take extra care to verify documentation and instructions directly with customers and/or trusted partners, especially in pressure situations where carrier options might be in short supply or when there are particular time constraints.” He advises.
These are but samples of the various modus operandi employed by those intent of defrauding supply chain businesses. TT is determined to maintain a flow of information designed to help the industry combat such practices and to underline both their extent and devious nature in order to reduce financial losses and further disruption to fragile supply chains.
Source: TT Club
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
|
|
|
Showing 1 to 5 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Central Electricity Authority - India
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Kaltim Prima Coal - Indonesia
|
| |
| |
|
1 