Dublin, June 12, 2018 (GLOBE NEWSWIRE)
The growth in the internet has provided many new avenues to illicit counterfeiters.
The Global Counterfeiting Outlook, 2018 elaborates that web-based counterfeiters are using new advanced technologies to create an ambiance of luxury and an image of authenticity through very little financial investment. As per the report in the year 2017, the amount of sale of counterfeit products through eCommerce platform is 280 billion USD.
One out of five luxury goods sold on e-commerce platforms is counterfeit products. In addition to that cross-border trade in counterfeit goods fuel the unorganized crime network which in turn affect the whole economic growth of a country. Global Counterfeiting Outlook, 2018 analyses that websites and apps are now designed and fashioned in such a way that it reassures unwitting consumers of authenticity through false claims and photographs of genuine articles, especially in those environments in which the goods for sale are incapable of pre-purchase scrutiny.
The websites of the illicit traders appear in a way that it becomes difficult for the consumers to distinguish between approved genuine websites and unauthorized websites that sell counterfeit goods.
As per the Global Counterfeiting Outlook, 2018 the amount of total counterfeiting globally has reached to 1.8 Trillion Dollars.
As per the report, estimated losses to luxury brands of consumer goods due to online counterfeiting is 30.3 Billion Dollars and is expected to reach 50 Billion Dollars approximately by 2020.
The “Global Counterfeiting Outlook, 2018” report; The internet has helped the counterfeiters to cloak their identities. Internet vendors are not required to provide their information to consumers on their websites. If in case the information is provided, it is false and misleading. The counterfeiters register domain names through such entities that are non-existent.
Many cover-ups and make it difficult for the appropriate authorities to determine who is actually behind the websites that sell bogus goods. These techniques are leveraging the counterfeiters and no legal action can be taken in these cases.
Global Counterfeiting Outlook, 2018 has provided various recommendations which would be very helpful for brand owners to protect their trademark from being infringed. With the onset of technological evolution, intellectual property owners have suffered a lot.
Co-regulation between the government and all the stakeholder involved is likely to reduce their suffering and provide better protection to their intellectual property rights.