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.
|
|
Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
|
|
|
Showing 86 to 90 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Siam City Cement - Thailand
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
|
| |
| |
|
