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, 04 June 21
NEW COAL-FIRED POWER PLANTS IN INDIA WILL BE ECONOMICALLY UNVIABLE - IEEFA
Coal capacity additions face major stranded asset risk
Much of India’s 33 gigawatts (GW) of coal-fired power capacity currently under co ...
Thursday, 03 June 21
JUNE HBA IS HITTING ABOVE $100 AND SETTLED AT ITS HIGHEST SINCE OCTOBER 2020
COALspot.com: The Indonesia coal price reference for June 2021 settles at US$ 100.33 per ton FOB vessel.
The Indonesia coal pr ...
Wednesday, 02 June 21
INDONESIA RV WAS DOWN TO LOW/MID $20,000S DAY FOR PANAMAX/KAMSARMAX WITH DELIVERY S CHINA - BANCHERO COSTA
Panamax
A softening week in the Pacific basin with rates under a downward pressure mainly caused by the oversupply of tonnage in the area, said ...
Wednesday, 02 June 21
EUROPEAN UNION'S IRON ORE IMPORTS - BANCHERO COSTA
The European Union (27) is currently the fourth largest importer of iron ore in the world, after China, Japan, and South Korea.
Euro ...
Tuesday, 01 June 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.02 PCT - XINHUA
China Taiyuan coal transaction price index stood at 160.06 points Monday, down 0.02 percent week on week.
The index, released by Chi ...
|
|
|
Showing 561 to 565 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Australian Coal Association
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
|
| |
| |
|
