Books are quintessential to say the very least and the source of wisdom and truth. Books are also written by humans and honestly being a writer is not that easy.
It takes a lot more than inspiration to churn out a compact book for the readers including the number of sleepless nights and little sacrifices that makes a book happen.
The most significant producer of counterfeit items is from China, then comes Philippines, Thailand, India Malaysia, Singapore, Indonesia, Turkey, Pakistan, Ethiopia, and Kenya.
Each year countries trade goods worth trillions of dollars from aspirin to zucchini. According to global customs data collected and analyzed by the OECD and the E-use intellectual property office, of all the imports entering countries by air, ship, road or rail, 2.5% are counterfeit or pirated goods.
Nowadays, with steep competition in almost every industry, another industry is slowly flourishing behind the scenes – the counterfeit industry. For every single industry out there, there is a parallel in the world of the counterfeit.
What is truly shocking is that according to a recent survey, 7% of the world’s trade is now in counterfeit goods!
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The counterfeiting or diversion of products is a significant threat to the original manufacturers. Diversion is basically the selling of the original product through an illegal channel. Along with that counterfeiting has been slowly spreading like cancer which is also a growing concern for many brands.
For any car enthusiast, modding is always the kind of passion they associate themselves with. And who wouldn’t endorse the idea of modding since it enhances the aura of any given vehicle?
The only downside of modding is probably its cost since it is very expensive. But with the sudden influx of the modding community, the counterfeit industry of modding has grown pretty big. It has somewhat become an affordable choice to mod the vehicle.
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The exponential growth of the number of fraud cases is concerning since there is a high chance of getting duped than being killed. The extended amount of loss suffered by the insurance sector just for the sole reason fraudsters is very evident with the loss of more than Rs 30,000 crore/annum. An investigation has also stated that the insurance agency is single-handedly losing capital and assets for this very reason.
Most of the insurance cases occur mainly due to the various false claims, and as for other instances, the policy that you have brought might end up being fake.
Due to the increase in counterfeit part, there is an impending concern on the reliability of electronic components. The effects of counterfeit elements usually have a brief lifespan which might break the monotonous chain of a system or even cause circumstantial hazards.
The parts might come in for cheap, but the effectiveness of it and its reliability is far from being certain. The various parts which are being counterfeited might vary from scrapped parts to even reclaimed parts.
Electronic products are intrinsic to our lives now, and we can’t imagine our lives without it. With the exponential growth in demands, high-tech and low priced products are being launched each year keeping the affordability factor in mind.
Sometimes these products have lower prices that might be alluring for most consumers. These products are available and are pretty much visible everywhere from online to retail stores.
The act of counterfeiting of commodities coming from different kind of industries has been on a steady rise for quite some time now. This has resulted in original companies incurring huge losses because people are either buying the fake products because they are unable to differentiate between the original and the knock-off or because they want to have the good looking products without having to pay the sum required for the original one. It is important to you as a business owner to be aware of how such a practice harms your business returns.
