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.
|
|
Thursday, 26 May 22
MARKET INSIGHT - INTERMODAL
The newbuilding market activity has been significantly positive from a dry bulk owner perspective during the first half of 2022. Indeed, the contra ...
Wednesday, 18 May 22
INDONESIAN COAL PRICE REFERENCE DROPPED 4.42% IN MAY
COALspot.com: Indonesian Coal Price Reference for May delivery drops 4.42 per cent month on month.
The Indonesian Coal Price Referen ...
Thursday, 12 May 22
MARKET INSIGHT - INTERMODAL
Almost through half of the year, the overall shipping market continues to show signs of healthiness, after plenty of festivities and holidays that ...
Wednesday, 27 April 22
EUROPEAN UNION'S LNG IMPORTS - BANCHERO COSTA
In 2021, the European Union (27) was the third largest seaborne importer of LNG in the world, with a 15.8% share.
It followed Mainla ...
Tuesday, 26 April 22
CHINA'S APPETITE FOR BAUXITE HITS NEW RECORD AS Q1 IMPORTS JUMP 15.4% Y/Y - BIMCO
Bauxite shipments arriving in China hit new record levels in the first quarter of 2022 and grew at an average annual rate of 12.8% between 2017 and ...
|
|
|
Showing 321 to 325 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Economic Council, Georgia
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- The University of Queensland
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
|
| |
| |
|
