NJ Students Charged With Counterfeiting

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Five high school students in Northern New Jersey are facing charges for allegedly using a printer to reproduce $20 bills, and then spending the bills at local businesses. (May 30)
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    Five high school students in Northern New Jersey are facing charges for allegedly using a printer to reproduce $20 bills, and then spending the bills at local businesses. (May 30)

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    Globally, counterfeit goods account for more than $500 Billion in trade. A significant portion of goods detained by customs authorities is pirated or counterfeit products. Technology led innovation is the answer to the $500 billion Counterfeit Goods Market. Trade association FICCI estimates the global economic and social cost of piracy and counterfeiting to be upwards of $1 Trillion 2022.

    The act of finding cheaper alternatives/dupes to luxury goods has increased in demand, especially in a country like India where most of the general public fall in the middle-class sector with a high consumption for brand and brand value. Counterfeit goods continue to flood both offline and online markets in India. This is because the scale of the issue in the Indian context requires innovative solutions.

    Online retailers are taking the lead in deploying innovative anti-counterfeit measures and have already begun implementing internal measures to root out fake listings in partnership with brands who are motivated to protect their IP. AI/ML technologies are being used by these platforms to scan shopping listings for fake goods. This allows large batches of listings to be scanned in real-time, making the process more efficient and faster than doing it manually.

    The Indian economy is deeply impacted by the advent of counterfeit goods. The government too, should formalise the use of emerging technology to identify counterfeit goods, expedite investigations and catch bad actors. It should explore partnerships with technology service providers and e-commerce entities to implement tech solutions at scale and conduct training for its officials.

    Another solution is to explore the use of blockchain technology. It is a highly secure digital record of information analogous to a ledger. Counterfeiters commonly attempt to pass off fake goods as original items, and tracing the source of these leaks will greatly improve enforcement.

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