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, 19 July 22
WHY SHIPPING MIGHT BE ABOUT TO GET A LITTLE BIT SLOWER - WORLD ECONOMIC FORUM
If shipping is the beating heart of global trade, its pulse is about to get slower.
Faced with uncertainty about which fuels to use in the long ...
Tuesday, 19 July 22
GERMANY'S INCREASED COAL, OIL USE WILL BE TEMPORARY, SCHOLZ SAYS - CNBC
Chancellor Olaf Scholz says Germany’s decision to reactivate coal and oil-fired power plants to relieve energy shortages because of the war i ...
Tuesday, 19 July 22
INDONESIA REMOVES PALM OIL EXPORT LEVY UNTIL AUG. 31 - REUTERS
Indonesia has scrapped its export levy for all palm oil products until Aug. 31 in a fresh attempt to boost exports and ease high inventories, finan ...
Tuesday, 19 July 22
CHINA'S JUNE DAILY COAL OUTPUT JUMPS ON PEAK SUMMER DEMAND - REUTERS
China’s daily coal output in June rose 6.6 per cent from a month earlier as miners cranked up output ahead of peak summer temperatures, when ...
Tuesday, 19 July 22
SEEING RED? - WOOD MACKENZIE
What a Republican mid-term victory could mean for US energy and climate policy
According to current polling the Republican Party has ...
|
|
|
Showing 286 to 290 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- The University of Queensland
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Parliament of New Zealand
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
|
| |
| |
|
