Counterfeit Goods
Counterfeit goods threaten a large number of industries ranging from common consumer products such as clothing and footwear to business-to-business products such as spare parts, pesticides to luxury items including fashion apparel and shoes. These include fake pharmaceuticals in particular, food, cosmetics, toys, medical equipment and chemicals. Counterfeit goods can pose serious health, safety and environmental risks.
“Counterfeit products are a serious problem that have caught the attention of governments, economists, and business leaders. According to OECD data on counterfeiting and international trade, the total value of counterfeit and pirated goods was about $1 Trillion in 2013, and is expected to grow to close to $3 Trillion in 2022.”
– “Counterfeiting is on the rise, and projected to exceed $3 trillion in 2022” September 29,2021 by Robert Handfield Ph.D
With consumers increasing purchases of goods online through e-commerce platforms, consumers are unknowingly exposed to counterfeit and pirated goods in settings and unxder conditions that make the articles appear genuine. Compare this to past decades where counterfeit and pirated goods were sold on street corners, in alleys, from trunks of cars.
This is a global problem. Counterfeit goods originate from virtually all economies in all continents. Fake goods tend to be shipped by every means of transport. In terms of the number of seizures, small parcels – in particular via postal services – is the most common, posing a significant challenge in terms of enforcement. In terms of value, counterfeits transported by container ship clearly dominate, accounting for more than a half of the global value of counterfeit seizures in 2019.
Security inks offer brand owners and consumers greater confidence by protecting them from piracy and product tampering. Governments can combat fraud and counterfeiting by incorporating our security inks into official travel documents, currency, and tax stamps or labels.
