The Very Real Problem of Fake Products
Counterfeiting and fraud are a massive drain on the economy. Even worse, they're a massive threat to people's lives. Check the infographic below, in which we detail all the ways counterfeiting costs – and hurts – everyone and get a closer look at the true cost of counterfeiting.
When people think ‘fraud’, they tend to think of digital fraud – online identity theft and pop-ups with ‘miracle’ drugs. But criminal deception occurs just as much in the physical world as it does digitally.
In fact, in just ten years, the value of international trade in counterfeit and pirated physical products has risen by more than 80 percent. And by 2022, counterfeit goods are expected to drain 4.2 trillion dollars from the global economy – putting 5.4 million jobs at risk in the process ¹.
It’s a bleak outlook by any standards. And a significant one if you’re in a company that sells physical products – it means an increasing number of customers will be buying the things you sell from someone else.
And it only gets worse. Counterfeit drugs, counterfeit foods, wrong-patient records that lead to medical fraud, knock-off car parts and imitation aviation components are on the rise. Which means an increasing number of people are at risk of dying because of counterfeiting and fraud. That isn’t just bad for business – it’s an outrage.
Here’s a complete breakdown of all the ways counterfeiting and fraud impact businesses and people around the world (click to enlarge).
To solve this problem, we need a better way to authenticate everything. Find out how NFC-based authentication does just that – and what that could mean for your business. Read all about it.