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.
|
|
Thursday, 12 August 21
ONLY 3 VLCCS SOLD FOR DEMOLITION IN 2021 AS SECONDHAND PRICES TEMPT - BIMCO
During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition. The current mar ...
Wednesday, 11 August 21
U.S: EIA EXPECTS COAL EXPORTS TO TOTAL 90 MMST IN 2021, 30% INCREASE FROM 2020
Coal production in EIA's forecast totals 607 million short tons (MMst) in 2021, an increase of 13% over 2020.
EIA is also ...
Wednesday, 11 August 21
MARKET INSIGHT - INTERMODAL
Energy is at the core of the global climate dialogue as the climate challenge is essentially an energy challenge. Policy experts around the world a ...
Tuesday, 10 August 21
34 INDONESIAN COAL COMPANIES TEMPORARILY BANNED FOR COAL EXPORTS
The Ministry of Energy and Mineral Resources (ESDM) has imposed sanctions in the form of a coal export ban for 34 coal companies as reported by CNB ...
Monday, 09 August 21
AIIB MAY OFFICIALLY END COAL FINANCING IN 2022 - CHINA DAILY
The Asian Infrastructure Investment Bank may officially rule out coal projects if it updates its energy strategy next year, after shunning funding ...
|
|
|
Showing 506 to 510 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- White Energy Company Limited
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Australian Coal Association
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Minerals Council of Australia
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- The University of Queensland
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Bhatia International Limited - India
- CNBM International Corporation - China
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
|
| |
| |
|
