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.
|
|
Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
|
|
|
Showing 46 to 50 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- White Energy Company Limited
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- VISA Power Limited - India
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- The University of Queensland
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
|
| |
| |
|
