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, 03 February 22
COAL SHORTAGE NOW AT ALARMING LEVELS, SAY ALUMINIUM PRODUCERS - IANS
With no relief in sight despite coal stocks running critically low and production disruptions looming across the Indian aluminium sector, the Alumi ...
Wednesday, 02 February 22
HIGH COKING COAL PRICES PROVIDE GLIMPSE INTO STEELMAKING'S FUTURE - MCKINSEY
Last year was a volatile one in global commodity markets. Demand for coking coal, an essential raw material in the production of steel, was extreme ...
Wednesday, 02 February 22
INDONESIA'S RESTRICTIONS ON COMMODITIES RATTLE MARKETS, MORE MOVES LIKELY - REUTERS
In just the first month of this year, Indonesian policymakers have rattled global markets with restrictions on some of its biggest commodities expo ...
Wednesday, 02 February 22
CHINA'S TOP COAL PRODUCER FORECASTS 28 PCT PROFIT GROWTH IN 2021 - XINHUA
China Shenhua Energy Company Limited, one of the country’s biggest coal producers, said its net profits are expected to jump by 28 percent in ...
Wednesday, 02 February 22
COAL STORAGE IN CHINA’S POWER PLANTS NEAR RECORD HIGHS - XINHUA
Coal inflows into China’s power plants have picked up, bringing their coal storage to near record highs, the National Development and Reform ...
|
|
|
Showing 356 to 360 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
|
| |
| |
|
