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.
The continued existence of counterfeits in markets have led stakeholders to adopt policies and measures to help reduce or eliminate the menace, but it persists with little signs of it abating.
A number of initiatives, such as the Amazon-led anti-counterfeit coalition (IACC), and some other similar movements have been formed to address the situation for both online and offline markets. Additionally, a number of enterprises have come up with various solutions to combat the counterfeiting headache. Many of these new solutions have been technology-driven, including QR Codes, Blockchain and RFID solutions. Interestingly however, these solutions even though an improvement on old systems, still remain relatively ineffective against counterfeiting at certain points of the supply chain.
The inadequacies of existing anti-counterfeit solutions have given rise to the creation of artificial intelligence (AI) based solutions, especially over the last half decade, and this appears to be a more effective tool against counterfeiting thus far.
Fighting Counterfeits with Artificial Intelligence Technology
A number of companies in different corners of the globe have come up with unique AI solutions to address the counterfeiting problems faced by global markets. There is a combination of processes such as machine and deep learning on various levels to ensure a more accurate anti-counterfeit cum brand protection tool, so as to equip product manufacturers and owners in their fight against counterfeiters.
Algorithms are built on the back of AI to help with the easy detection of fake products; Innovative enterprises, including the likes of Cypheme have found ways to automatically equip all smartphones with counterfeit detection abilities. With the use of use of proprietary image capturing technology powered by the company’s AI, smartphones are now able to detect the authenticity of a product within 5 seconds.
Cypheme’s solution has a reported accuracy rate of over 99%, and this is one of the reasons why the company has been recently named as one of the most globally innovative machine learning companies by Futurology.
The Cypheme solution includes the affixation of scannable fingerprint labels to each product. When these labels are scanned by a phone camera, the detected fingerprints are read and authentication of same detected by the AI within the space of 5 seconds.
Cypheme’s anti-counterfeit solution has been successfully used across a number of industries such as pharmaceuticals, document protection, food and beverages, winery, watches and jewellery among other sectors. To date, over a billion products are being protected by Cypheme’s AI solution annually.