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, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
|
|
|
Showing 11 to 15 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Economic Council, Georgia
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Medco Energi Mining Internasional
- MS Steel International - UAE
- The Treasury - Australian Government
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- The University of Queensland
- White Energy Company Limited
|
| |
| |
|
