May 26, 2022

Filmtip: The $500 Billion/Year World of Counterfeits

Filmtip: The $500 Billion/Year World of Counterfeits

Fraudstorytelling | Weekly filmtips | May 26, 2022

Title: The $500 Billion/Year World of Counterfeits
Duration: 8:03
Year: 2021
Producer: VICE
Tagging: #Counterfeit #Foodindustry #Financialcrisis  #Internetindustry #Tradingindustry #Illicittrade

It costs a lot of money to fabricate a tool like a chainsaw while also ensuring that it meets all safety standards. However, counterfeiters do not comply with any of these standards. Using such objects can therefore be dangerous. Counterfeiters are capable of producing anything you can think of. For example, fake cacao, escalators, fake toys, or sometimes even a chainsaw, as previously mentioned. The worst part is that consumers may not even realize they are purchasing counterfeit goods. In this video, VICE will help us define illicit trade correctly and will interview various people, including Pior Stryszowski, senior economist at the OECD. He claims that counterfeit goods are the most common form of illicit trade. Even cherry producers are victims of counterfeiting. The general manager of Foreo, a large cosmetic company, will also share his experience of when he first noticed that several of the company’s products were being imitated and sold by counterfeiters. This is an issue that affects all kinds of companies from many industries and sizes.

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