Counterfeiting is the manufacturing, distribution or offering of goods under the brand of a third party without their permission. Counterfeiting is the infringement of intellectual property (IP) and it is illegal, but still it continues to be prevalent. The total worldwide economic and social costs of counterfeiting and piracy are now estimated to reach anywhere over USD 1.5 trillion by 2022.
Counterfeit sales happen in numerous industries and product categories, such as, fashion, electronics, toys, publishing, pharmaceuticals, tobacco, automobile parts, music, software, and many many more. The counterfeiters have now become so savvy, that they can produce bespoke copies of high-end apparel to be nearly indistinguishable from the genuine article. However, in the attempt to sell cheap imitations, many fake goods are made from lower quality components which can put people’s health and safety at risk. The black-market industry is also known for its use of unethical labour and the subsidising of organised crime.