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, 23 May 23
INDIA: COAL OUTPUT UP 8.9%, SUPPLY RISES 11.7% IN APRIL - FINANCIAL EXPRESS
India’s coal production jumped 8.85% to 73.14 million tonne (MT) in April 2023 and the total coal despatch during the month went up 11.66% to ...
Tuesday, 23 May 23
CHINA COAL OUTPUT UP 4.5 PCT IN APRIL - XINHUA
China’s raw coal output posted stable expansion in April, official data showed.
The country produced 380 million tonnes of raw ...
Saturday, 20 May 23
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
In 2022, non-OPEC supply is estimated to have increased by 1.9 mb/d y-o-y. Out of this, US liquids production increased by 1.2 mb/d, mainly on the ...
Saturday, 20 May 23
GLOBAL COAL TRADE HAS REALLY PICKED UP PACE IN RECENT MONTHS, NOW FULLY BACK TO PRE-COVID LEVELS - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels. In Jan-Apr 2023, total global seaborne coa ...
Saturday, 20 May 23
MARKET INSIGHT - INTERMODAL
India is one of the world's largest coal producers and one of the world's largest importers of coal. The country uses coal mainly for power ...
|
|
|
Showing 101 to 105 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- PTC India Limited - India
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- White Energy Company Limited
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
|
| |
| |
|
