siliconindia | | DECEMBER 20248Nowadays, it's not just the horror of fake people that haunts individuals, but also the ever-growing presence of counterfeit goods that threaten their lives in ways they least expect. Presently, everywhere, there are rampant counterfeit goods-from fake luxurious accessories to counterfeit medicines-that impact the sense of reality at every turn. They always find themselves between what is real and what is not. Much like fake people wearing masks of sincerity, counterfeit products are hidden as high-quality leading consumers to make choices that could affect their safety, finances, and well-being. The need for observance has never been greater.First, Let's Understand About Counterfeiting and Anti-Counterfeiting?Counterfeiting is the illegal production of products, branded or trademarked which is produced without permission and sold as genuine products.Anti-counterfeiting is about policies and technologies that prevent or deter counterfeit supplies. It takes the form of security features, legal actions, and market monitoring in order to protect the consumer and the brand.For Example!In most countries like China fake iPhones are sold at a relatively lower price therefore, consumers are actually being step out to buy fake products, which possess the features of the original. They will not have the quality and safety standards of the real product, so leading to financial loss for the brand as well as potential harm to consumers.The War on Fake ReviewsGlobal markets for counterfeit goods have evolved into one of the largest industries, now exceeding $1 trillion per year in sales, and that entails everything from high-end luxury goods to electronics, pharmaceuticals, auto parts, cosmetics, and everyday consumer goods. Unbounded by geography, all this has been facilitated by globalization, so too has the emergence of complex distribution networks in the developing of cross-border traffic of counterfeits. Given that there is no verification process on most online platforms, counterfeiters can sell almost anything; this ranges from imitation Rolex watches and Louis Vuitton bags to fake iPhones, designer perfumes, and even counterfeit medication at a fraction of the price that authentic products would cost. However, more often than not, these imitations do not come anywhere close in terms of quality and durability to their respective brands.Recently, the government introduced a new set of standards in 2024 that make it compulsory for e-commerce companies to follow quality rules regarding consumer reviews-fallout of the failure of voluntary measures to control fake reviews. The new quality standards hope to save the interests of consumers by getting clear of fake reviews and transparency in product feedback.Tech Solutions to Stop Counterfeiting and Protect BrandsIn 2024, increasing consumers will push for transparency and sustainability while expecting properly sourced products, putting businesses at risk with counterfeit goods and compromised supply chains. Counterfeits damage brand integrity, pose safety risks, and impact revenue. Effective monitoring and traceability are critical to ensuring authenticity and consumer safety. Businesses utilize different technologies to combat counterfeiting:Holograms & Security Inks: These special features are added to products to verify their authenticity and show if they've been tampered with. They help customers easily spot genuine products.Barcodes & RFID Tags: These are usually used by fashion and electronic devices in tracking the movement of goods within the supply chain. A firm will ensure that its products are not forged if it issues unique identifiers for every product.EDITORIAL EXCLUSIVETHE FIGHT AGAINST COUNTERFEITING
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