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Global fraud haul hits $700m by mid-2006

Global fraud haul hits $700m by mid-2006

A major report on global IP fraud for the first half of 2006 has revealed devastating insights into the links between counterfeiting and organised crime. The paper, compiled by the Calgary-based Gieschen Consultancy from BASCAP’s Daily Counterfeit & Piracy Intelligence statistics, shows that 760 incidents of IP theft uncovered across 69 countries yielded US$699.3 million-worth of pirated goods. It also warns of the many hazards that consumers are exposed to when they are duped into purchasing such products.

Five per-cent of global IP theft is tied to serious criminal activity involving either drugs, theft or weapons offences, and 14% of pirating investigations are now concerned with Internet use. China and Russia are both indicted for exporting more counterfeit goods than they have managed to seize domestically, while UK and US efficiency in combating IP fraud remains the sole positive finding.

Glen Gieschen, the Consultancy’s counterfeit intelligence manager, said: ‘The greatest misconception about counterfeiting is that the impact is negligible – however, the truth is far different. Consumers who are unaware they are purchasing fake products and those who are actively seeking them have consumed adulterated drugs and died, installed fake products in their vehicles which reduce [their lives] or cause bodily injury when they malfunction. We have documented an endless number of instances where these bogus items result in serious problems, large and small, for consumers.’

Copies of the report can be downloaded at www.goldsec.com/PR/06-10-24-2.htm

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