Counterfeiting, the act of producing fake goods and distribution of same as if they were real has been around for centuries. The grey markets of counterfeit and pirated goods comes to $1.7 trillion annually and it is estimated that up to one-fifth of all such items are dangerous—posing health risks ranging from mild discomfort to death.
Brand Protection – For brands, counterfeiting poses a business, legal, and ethical issue. While counterfeit products make the brand less competitive in the market, they also open room for uninvited lawsuits from customers, organizations, and government agencies. At the same time, it raises an ethical question; are you, as a brand, doing enough to prevent counterfeiting of your products? It is not a healthy situation when it is easier to grab counterfeits of your product than the actual product – you are creating an environment of distrust for your customers.
Puffbar had been faced with horrendous levels of counterfeiting of its vape products in almost all the corners of the United States of America (USA), and in some other parts of the globe. Being an established leader in the vaping market space – and because the brand is an easily recognizable one, counterfeiters went to work to profit off the Puffbar brand.
Food supply chains have been a target for counterfeiters and fraudsters for decades, and with food being one of the most cross-border traded products, there is always a high risk of diversions and tampering. According to estimates by IFIS, food fraud costs the world between 10 and 15 billion dollars annually. Considering how dire the issue of food fraud is, food industry stakeholders have over the years explored the use of various methods and technologies to mitigate the situation, and artificial intelligence (AI) seems to be one of the most effective applications thus far. Artificial Intelligence enables food supply chains to operate more efficiently, ensuring that the supply chain is not only transparent but also tamper-proof.
As the field of Artificial Intelligence (AI) advances, we are beginning to see it being used in diverse fields of application, and one of such is the document verification industry. This is especially important given the rise in falsified documents and digital manipulation of images across the globe. According to a 2020 Javelin report, US businesses suffered losses amounting to about $17 billion because of document falsifications. Document falsification can occur at various levels; Take for instance, a criminal disguising as a bank employee can aid money laundering and terrorist exercises by falsifying and manipulating a few bank documents.
Dormakaba, the world leader when it comes to the manufacturing and deployment of smart access solutions such as door hardware, entrance systems, electronic access and data, mechanical key systems, lodging systems, safe locks, among others, is adding another layer of product authenticity to its kitty. The company is making use of Cypheme’s state-of-the-art anti-counterfeit solution to prevent any form of diversions or sub-standard imitations of its products that may occur in the future. This is a step taken by the company to maintain its high-standards, and make it impossible for counterfeiters to even attempt faking its products.
The rise of ecommerce and social media as an affordable medium to market and sell products has led to the enormous growth for the cosmetics industry. According to a report, the global cosmetics industry was valued at around USD 532 billion in 2017, and it is expected to reach approximately USD 863 billion in 2024; growing above 7% CAGP between 2018 and 2024.
In 2018 according to some estimates, around 4.6 million bottles of Spanish rosé wine made their way into French cafes, hotels, and restaurants disguised as original French rosé wine. The law enforcement agencies and wine industry officials could not do much as the two wine types could not be told apart in packaging and taste. The suspected counterfeiting in the French wine industry was particularly upsetting for wine growers who were looking on helplessly as their income dropped.
Ace Grading is a leading card grading service company in the global card trading market. That being said, the first questions would be; How familiar are you with the trading card space? What do you know about card grading? Let us do a quick dive into these topics below.
Modern marketplaces have come with their own ills, and chief among them is the increased spate of product counterfeiting. The advent of consumer technologies such as online shopping which were intended to make the lives of people easier has brought with it the menace of both physical and online creation and proliferation of sub-standard product imitations by unscrupulous actors.
