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.
|
|
Saturday, 18 February 23
PAKISTAN PLANS TO QUADRUPLE DOMESTIC COAL-FIRED POWER, MOVE AWAY FROM GAS - REUTERS
Pakistan plans to quadruple its domestic coal-fired capacity to reduce power generation costs and will not build new gas-fired plants in the coming ...
Saturday, 18 February 23
2023 MARINE FUEL MARKET PREDICTIONS - JOHN BERGMAN, AURAMARINE
The drive for decarbonisation we witnessed in 2022 has continued into 2023, demonstrating the shipping’s industry positive strides in the fas ...
Saturday, 28 January 23
COAL GROWTH BLIP NOT TO BE REPEATED - BALTIC EXCHANGE
As 2022 drew to a close, global coal demand looked set to end the year just 1.2% up on the previous year. But that small increase was enough to pus ...
Thursday, 26 January 23
CHINA'S COAL OUTPUT INCREASES IN DECEMBER 2022 - XINHUA
China’s raw coal output posted stable expansion in December 2022, official data showed.
The country produced 400 million tonne ...
Thursday, 26 January 23
COKING COAL NARROWS THE GAP ON THERMAL AS CHINA REOPENS - REUTERS
The premium of high-grade thermal coal over coking coal in Asia is shrinking as China’s re-opening and ending of a ban on imports from Austra ...
|
|
|
Showing 141 to 145 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Planning Commission, India
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- The University of Queensland
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
|
| |
| |
|
