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, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
|
|
|
Showing 26 to 30 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Planning Commission, India
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Australian Coal Association
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
|
| |
| |
|
