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, 24 June 21
FEBRUARY'S INCREASE IN COAL-FIRED ELECTRIC GENERATION REDUCED U.S. COAL STOCKPILES - EIA
Coal stockpiles at U.S. power plants decreased significantly from December 2020 to February 2021, including a draw of nearly 16 million tons in Feb ...
Wednesday, 23 June 21
MARKET INSIGHT - INTERMODAL
The first half of 2021 has brought a very sharp and continued recovery in the dry bulk market and while many where expecting a relatively strong ma ...
Thursday, 17 June 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR GLOBAL SEABORNE COAL TRADE; CHINA'S COAL IMPORTS - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade.
Total global loadings in the 12 months of 2020 were down -12 ...
Thursday, 17 June 21
FITCH RATINGS RAISES SHORT-TERM OIL AND GAS PRICE ASSUMPTIONS
Fitch Ratings has increased its 2021 and 2022 oil price assumptions for the Brent and West Texas Intermediate (WTI) benchmarks due to stronger year ...
Wednesday, 16 June 21
MARKET INSIGHT - INTERMODAL
“While approaching the second half of the year and summer season is just around the corner, COVID vaccination programs are steadily moving fo ...
|
|
|
Showing 546 to 550 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Planning Commission, India
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Australian Coal Association
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
|
| |
| |
|
