Each year, the counterfeiting of well-known brands and products continues to rise, creating an even more threatening problem. Such well-known counterfeited brands, including consumer safety and critical electrical products, are estimated to be five to seven percent of world trade. The International Anti-Counterfeiting Coalition (IACC) estimates that the counterfeiting of distinguished brands costs industries $600 billion each year worldwide and may result in as many as 750,000 lost jobs every year in the United States.
In addition, more than $270 million worth of consumer safety and critical technology was seized by U.S. Customs and Border Control in 2013. This is an 85 percent increase from 2012 and is the third year in a row that the percentage has increased by more than half.
Counterfeit electrical products can pose tremendous safety threats to electrical industry professionals and their work environments. By definition, a counterfeit is a product that uses, without authorization, the trademark, service mark, or copyright of another intended to deceive prospective customers into believing that the product is genuine. Even the trusted marks of independent certifications have been counterfeited.
Counterfeit product manufacturers rely on deception, the Internet, and prices below market level, to find their way into homes, businesses, commercial and industrial facilities.Read the full article in our digital magazine