Counterfeiting is growing at a fast pace across the world. Different reports show disturbing figures related to counterfeiting.
According to Global Brand Counterfeiting Report, “The amount of total counterfeiting globally has reached 1.2 Trillion USD in 2017 and is bound to reach 1.82 Trillion USD by the year 2020 which includes counterfeiting of all equipment/products from defense equipment’s to counterfeiting of watches.”
The report also states that losses incurred by luxury brands because of the sale of counterfeiting through the internet accounted for 30.3 Billion USD.
A report by OECD states that trade in fake goods is 3.3% of the world trade.
Link between counterfeiting and criminal activities
The above-mentioned figures clearly point towards the high growth of counterfeiting over the last few years, however, counterfeiting has also led to the growth of other criminal activities.
Many organized criminals deal in the sale of counterfeit goods as it is a lucrative business and there are less severe punishments to deal with it. With the penetration of the internet in far-flung places, criminals are making huge profits by selling counterfeits in the e-commerce space.
So, what do these criminals do with the money made by selling counterfeit goods? In most cases, they use it to fuel other criminal activities like human trafficking, illegal arms trade, drug trade, and even terrorism.
One can remember the Charlie Hebdo attacks in France in which many people died. The gruesome attacks were carried out by selling fake sneakers. Many international organizations have established a close link between counterfeiting and other criminal activities.
Counterfeiting is a growing menace across the world. The crime promotes other heinous crimes and the vicious cycle continues without an end. However, counterfeiting can be prevented by increasing consumer awareness, strict implementation of regulatory measures and ensuring the use of anti-counterfeiting solutions.