Counterfeit is a trillion-dollar industry
Ash-har Quraishi, Amy Corral, Ryan Beard ’23 (AQ: national consumer correspondent, member of the CBS News Innovation Lab, Bachelor of Science in Journalism from the University of Illinois, AC: national investigative producer for CBS News and Stations, Bachelor’s degree in history from University of California, RB: Consumer Photographer/Editor and Producer, CBS News and Stations, Bachelor of Arts (B.A.), Radio, Television, and Digital Communication from University of West Florida, “$2 trillion worth of counterfeit products are sold each year. Can AI help put a stop to it?”, 12/12/2023, CBS News, https://www.cbsnews.com/news/ai-counterfeit-detection-amazon/, SE)
Last month U.S. Homeland Security Investigations and the NYPD announced the seizure of more than $1 billion worth of counterfeit luxury goods here. It was the largest bust of its kind in U.S. history.
Sands used to spend much of her time working with major fashion retailers cracking down on counterfeits sold on the streets and in back alleys. But she says her work has shifted to an explosion of counterfeits being sold direct-to-consumers online and through e-commerce platforms.
"It's massive. If you can get a real version of something, an authentic version of something, there is a 99% chance that you can get a counterfeit," said Sands.
It's a booming industry, considered the largest illicit trade in the world, with $2 trillion worth of counterfeit products sold to consumers annually, according to the National Crime Prevention Council.