A new report has predicted five million global job losses as a result of counterfeiting and piracy over the next five years.
‘Illicit Trade: Fueling Terror Financing and Organised Crime’ has estimated that the total economic and social costs globally due to counterfeiting and piracy worldwide, which stood at USD 737 to USD 898 billion in 2013, is expected to rise to USD1.54 to USD1.87 trillion by 2022.
The International Hologram Manufacturers Association (IHMA) says the report published by the Organisation for Economic Co-operation and Development (OECD) is ‘extremely disturbing’ and urges a ‘redoubling’ of global authentication strategies.
The IHMA says global counterfeiting shows no sign of abatement and more needs to be done to stamp it out.
Manoj Kochar, chairman of the IHMA, said: “This report underlines the role technologies such as holograms can play in this battle. They remain paramount weapons in tackling counterfeiting and securing authentication in global supply chains.
“It’s again a sobering reminder that the war on counterfeiting remains far from won, heralding a wake-up call for those desperate to protect brands and profits around the world.
“Efforts need to be redoubled – and quickly – to tackle the problem, and this might include increased integration of holograms as part of brand protection strategies and even more investment in industry talent and skilled experience.”
Increasing adoption of holography reinforces the technology’s position as a pre-eminent security feature in the global anti-counterfeiting fight.
The use of well-designed and properly deployed authentication solutions, as advocated in ISO’s 12931 standard, on authentication solutions, enables examiners to verify the authenticity of a legitimate product, differentiating it from the counterfeits in the marketplace.
Even those that carry a ‘fake’ authentication feature can be distinguished from the genuine item if that item carries a carefully thought-out authentication solution.