According to the International Anti-counterfeiting Coalition, product counterfeiting and fraud cost the worldwide economy upwards of $600bn each year. Additionally, the World Customs Organization calculates that counterfeit products make up as much as 5% to 7% of all the products sold each year.
Multiple technologies
The Percept Authentication technologies uses covert, overt and forensic methods to help manufacturers, packaging partners and others along the supply chain keep products protected from fraud and counterfeiting. They include formulation and consultation services that reportedly cut risks and loss of revenue in packaging and consumer goods.
According to John Van Hulle, president of Global Color, Additives and Inks at Ohio-based PolyOne, the products can help brand owners protect themselves and their bottom line.
“These technologies are the latest example of our commitment to our solutions-based approach focused on helping customers enhance their brand and grow their business," he said.
Fighting fraud
The manufacturer reports that Percept can help food companies increase revenue by maintaining market share, and reduce costs by exposing liability associated with fake products.
Additionally, the product authentication service helps protect brand equity by keeping fraudulent, inferior products out of circulation, decreases potential harm to consumers, decreases the likelihood of recall and makes it safer to expand into new, untested markets.