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.
|
|
Tuesday, 01 June 21
BUMA PRODUCED 11.4 MILLION TONNES OF COAL IN 4Q 2020, 5% LOWER COMPARED TO 12.2 MILLION TONNES IN 4Q 2019
PT Delta Dunia Makmur Tbk. presents its newsletter with consolidated financial and operating results that include its primary and wholly-owne ...
Sunday, 30 May 21
PAKISTAN IS PLANNING TO END COAL IMPORTS, WORSENING OUTLOOK FOR SOUTH AFRICAN COAL - IEEFA
The growing and irreversible risks being faced by South African coal exporters
As Thungela Resources’ CEO attempts to talk up ...
Sunday, 30 May 21
G7 COAL FINANCE EXIT AND WHY IT MATTERS FOR INDIA - IEEFA
While India doesn’t rely on export credit finance to fund new coal plants, there are material implications
The commitment by the Group o ...
Saturday, 29 May 21
SKULD’S IMO 2020 SULPHUR CAP EXPERIENCE
More than a year has passed since the International Maritime Organization (IMO) mandate for the 0.50% sulphur cap for marine fuel (MARPOL Annex VI) ...
Thursday, 27 May 21
KOMIPO INVITED BIDS FOR 1.56 MILLION TONS OF BITUMINOUS COAL
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
|
|
|
Showing 566 to 570 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Trasteel International SA, Italy
- PTC India Limited - India
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
|
| |
| |
|
