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.
|
|
Wednesday, 07 December 22
INDIA'S STEEL MINISTRY SEEKS IMPORT TAX WAIVER FOR COKING COAL - SOURCES REUTERS REPORTED
India’s steel ministry has asked the finance ministry for a waiver of import tax on coking coal among a slew of raw materials, as it scramble ...
Tuesday, 06 December 22
INDIA'S COAL PRODUCTION RISES 17% IN APR-NOV PERIOD - PTI
The country’s coal production increased 17 per cent to 524.20 million tonnes in the April-November period of the ongoing fiscal.
...
Tuesday, 06 December 22
INDONESIA AIMS TO STARTS COLLECTING COAL LEVY IN Q1 2023 - MINISTER, REUTERS REPORTED
Indonesia aims to establish a coal fund agency and start collecting a coal levy in the first quarter next year, to help ensure supply security for ...
Saturday, 03 December 22
COMPLEX RUSSIAN PRICE CAP MAKES MARITIME VISIBILITY A MUST - WINDWARD
Many commentators and analysts are speculating about the potential impact the Russian seaborne oil price cap will have on organizations and entitie ...
Friday, 02 December 22
INDONESIAN COAL PRICE REFERENCE PLUNGE TOWARD US$ 281.48 A TON AS DEMAND DROPS WORLDWIDE
COALspot.com: The cost of coal is falling so fast that it is beginning to put real money back in the pockets of end-users.
Indonesia ...
|
|
|
Showing 176 to 180 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
|
| |
| |
|
