Anti-counterfeit: Counterfeiting remains a global point of pain for many brands, and it is a phenomenon which is growing unabatedly. Almost any significant manufacturer is confronted with the challenge of fake or substandard imitations – this is particularly so for brands that trade in different markets across the world.
In 2013, fake goods made up 2.5% of the value of global trade. By 2016 (just a year after), the market share of fake goods had grown significantly, making up about 3.3% of the value of global trade to understand the gravity of the issue, that 3.3% fake goods market share was equivalent to the total value of the sports industry for that year.
As the problem of counterfeiting grows, lives and livelihoods are being put at risk. The situation has become so acute that consumers are now beginning to demand transparency from the manufacturers, it is therefore imperative on brands to switch to higher gears in the fight against counterfeits.
Lives are at Stake
No industry is spared when it comes to the issue of fakes and substandard imitations, but it is a no-brainer that with the foods, beverages and medical industries, counterfeiting is an issue of life and death.
Aside the loss of lives that counterfeit goods have caused especially in the food industry, fake food products are estimated to make up as much as $40 billion per year of total food products traded – this is according to the OECD.
Anti-Counterfeit Solutions on the Market
Consumers across the globe have reached a point where they are deciding that counterfeiting issues can no longer be put at the back burner; they now regard it as frontal issue which brands must confront head-on.
For manufacturers, the new age of enlightened consumers means that brand protection issues are a primary concern, coupled with the obvious issues of revenue losses they face as a consequence of fakes.
According to the U.S. Intellectual Property and Counterfeit Goods as much as 88% of consumers in Asia believe that the buck stops with brands to weed out counterfeits and protect the lives and pockets of consumers.
The fight against counterfeits creates a demand from brands, and this presents a gap opportunity for anti-counterfeit solution providers to fill.
There are number of anti-counterfeit solution providers that brands have been turning to assist them in the fight against counterfeiters. In truth, the anti-counterfeit solutions have done a good job in stemming the tide of counterfeits, but they also have their limitations.
We will take a look at the technologies powering some of these anti-counterfeit solutions below.
QR Code: Some solutions providers power their tech with QR codes, but there is a key vulnerability with this. For consumers to be able to verify the authenticity of products with this, they have to be sent to a verification website; This is a loophole for fraudsters to just fake the linking website and thus have people buying counterfeit products.
Additionally, most often than not, QR codes can only be scanned after the product has been purchased. QR codes are also very limited when it comes to tracking fake products on a large scale.
Fibers: This does not even make use of use technology at all, and with this, the onus is lies on the consumer to determine if the product is fake or genuine. Another downside of this is that Fibers can be easily faked with HD printers.
To up the security of Fibers some solutions providers sometimes combine it with QR codes but this only adds cost and does not still guarantee a product’s authenticity enough.
RFID Chip: With RFID chips there is a much-improved anti-counterfeiting technology in comparison with QR Codes and Fibres. However, the cost exceeds the purpose especially for mass market conditions.
The aforementioned limitations then makes it obvious that the anti-counterfeit technology space is in need of more optimal solutions, and this is where Cypheme comes in.
The Cypheme Solution
Cypheme provides brands, manufacturers and governments with algorithm powered labels which are supported by an artificial neural network that verifies a product’s authenticity. The Cypheme solution even goes further – it is able to provide manufacturers with the geolocation of where fake products are being produced.
This artificial intelligence backed solution despite its robust technology is easy to implement and only needs the camera of a smartphone to safeguard a brands’ reputation and keep customers safe.
The evaluation of the afore-mentioned anti-counterfeit solutions puts Cypheme’s in a class of its own. Cypheme’s unique fingerprint labels are chemical infused and backed by robust artificial intelligence technology, making it almost impossible to copy, duplicate or imitate.
Not only does Cypheme provide the most secure technology of the lot, it also gives brands reasonable price points which does not drive up the price of their products to the detriment of consumer demand.
Cypheme’s technology is also easy to implement as anyone at with a smartphone can easily detect the authenticity of the goods they are buying – product authenticity can be checked easily by manufacturers, distributors, wholesalers, consumers and by customs.
Cypheme takes things a step further by seeing to it that consumers are able to validate the authenticity of products even before they make a purchase. With most of the other solutions, consumers only get to check authenticity after a purchase has been made, this creates a situation of resource loss in the event that the product is a counterfeit.