Counterfeiting - Fraud

All about counterfeiting

It should be noted that counterfeiting does not necessarily involve the production of money alone.
Counterfeiting as an act basically refers to the illegal imitation of something. It can be of anything in
this world and the underlying factor here is that it is done in an illegal way, which means that it is done without the consent of the original producers. Making of counterfeit products began way back as people tried to look for ways of developing similar products that would lead to quick profits before people can realize that they are indeed fake. The range of products to counterfeit is quite detailed and some people have even been known to specialize in certain items that are easy to execute.

It takes a lot of skill and a keen eye to be able to successfully achieve a product that is similar to the
original. It should also be noted that counterfeiting will require to spend some money as you need
to buy the items needed to set up the ground work for the production of the counterfeit. The most
common form of counterfeiting involved the production of money. There are however other forms such
as imitations on art, clothing, software, toys, electronic appliances, pharmaceuticals just to mention but
a few.

How counterfeiting works

As earlier mentioned, counterfeiting requires a keen attention to detail in order for it to work
effectively. Remember that you’re trying to dupe the consumers into believing that the product on
offer is somewhat similar to the original hence you have to cover each and every end contained in the
original. Take for instance the issue of counterfeiting electronic appliances. This will require a similar
design just like the original but the creators usually change the name of the product slightly, maybe by
a letter or two. In such cases, the counterfeiting may result in patent infringement or even trademark

How are counterfeits caught

It may come as a surprise to many but detecting counterfeit products can be quite easy. This will
however require the expertise of a professional forensic expert who will be able to detect this. however,
to the naked eye, a counterfeit product may appear to be just like the original and it needs to be
checked by a professional to be able to tell the difference. There are some professional forgers that
can easily fool people into believing fake products. A professional analysis of the product in question
will easily reveal the flaws behind the product design and thereafter inform the public of its being a

The consequences of counterfeiting

Various countries have certain laws that have been set on the production of counterfeit products.
This however depends on the category of forgery as some carry serious charges while others are quite
shallow. Money forgery is however the most highly charged offense as it involves interfering with a
government product that can cause serious problems in the market. Counterfeiting of consumer goods
is treated separately as some of those involved use certain tricks to get away.

VN:F [1.9.22_1171]
Rating: 0.0/10 (0 votes cast)

Enter you Email and Win!

Sign up for our drawing for an Apple IPhone to help you organize your business contacts, calendar events, and more, by subscribing to our periodic newsletter. Simply add your email below and you will be enrolled. We will never, ever sell or spam your email, and you can cancel at any time!

Cite this page:

Contribute meaningful comments to the Accounting community...