Businesses, inter-governmental bodies, and law enforcement agencies alike warn of the dangers and harmful effects from counterfeiting and contraband of products to consumer health and safety. Moreover, global illicit trade is now estimated to exceed US$ 1.7 trillion by the International Chamber of Commerce’s Business Action to Stop Counterfeiting and Piracy (BASCAP). Illicit trade is an alarming epidemic and governments and businesses face a triple challenge:
A human health and safety challenge
Fake medicines may contain little or no active ingredients, may contain dangerous substances, or may be produced in unsanitary conditions. Children’s clothes and toys, which can be easily traded online, may contain toxic materials. Fake cosmetics may cause serious allergic reactions. Both fake and adulterated food or beverage fraud can be deadly. Adulterated and fake products are in every country and scattered across almost every product classification.
A security challenge
Illicit trade is increasingly shown by national, regional, and global intelligence and law enforcement agencies to be directly involved in the funding of both terrorist networks and criminal syndicates. Urgent action needs to be taken!
A financial challenge
Counterfeiting adversely affects employment and deprives governments and businesses of revenues that are essential for a functioning society. It violates intellectual property rights; harming consumers, brand owners, and investors.
The responses begin at the policy level. These policies must include the implementation of a technological shield that can empower oversight, provide early intelligence warnings, and enable rapid enforcement action. INEXTO’s unique and innovative authentication and track & trace system offers the most effective solution on the market for securing products in large scale and across complex supply chains. Once policy is set, our solutions help to bridge gaps between policy, practice, intelligence sharing, and enforcement.