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.
|
|
Saturday, 16 October 21
COAL IS 'KING' AS GAS PRICES SOAR, TOTAL CEO SAYS - AND IT’S BACKFIRING ON CLEANER ENERGY GOALS - CNBC
Surging natural gas prices have led to a jump in coal use, with plants in Europe and Asia firing back up as temperatures decline and the world grap ...
Saturday, 16 October 21
VIETNAM'S COAL-FIRED POWER MAY DOUBLE BY 2030 UNDER DRAFT ENERGY PLAN - REUTERS
Vietnam may double the amount of coal-fired electric generation it installs by 2030 under a draft power development plan submitted to the prime min ...
Friday, 15 October 21
AUSTRALIA'S WHITEHAVEN EXPECTS TO BE DEBT-FREE NEXT YEAR AS COAL PRICES SOAR - REUTERS
Australia’s Whitehaven Coal WHC.AX said on Thursday it expects to be debt-free by early 2022, as thermal coal prices surge to record highs on ...
Friday, 15 October 21
WINTER CHILL KEEPS CHINA'S COAL PRICES HIGH, POWER CRUNCH STOKES INFLATION - REUTERS
China coal prices held near record highs on Thursday as cold weather swept into the country’s north and power plants stocked up on the fuel t ...
Friday, 15 October 21
GLOBAL STEEL DEMAND GROWTH DOWNGRADED FOR 2021 DUE TO CHINA - WORLD STEEL ASSOCIATION
The World Steel Association (worldsteel) today released an update of its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that ste ...
|
|
|
Showing 451 to 455 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- The University of Queensland
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- White Energy Company Limited
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Australian Coal Association
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
|
| |
| |
|
