85% of all global transactions are made in cash. However, counterfeit banknotes are a reality and are the most counterfeited item. The major targets are US Dollar, British Pound, Euros, Indian Rupee and many major currencies of the world. Knowingly using counterfeit currency is a serious criminal offence in most countries.
While all currencies deploy high-end security features to protect themselves from being copied, protection against counterfeit currency is incomplete without educating citizens on how to verify these security features. Chkfake already allows users to verify most major currencies of the world. We are always looking to add new currency notes for users to verify.
LPG cylinders face a widespread practice of LPG being stolen before it is delivered to the consumer. The crude methods used to pilfer gas puts the consumer’s safety at risk in addition to causing her financial loss. Pilfered gas is routinely sold for commercial use, diverting significant revenue from Oil Marketing Companies (OMCs).
Using Chkfake’s easy to follow visual instructions, a consumer can identify an LPG cylinder that has been pilfered with and refuse to take delivery. OMCs can have access to pilferage cases, allowing them to take enforcement action.
The impact of consuming fake medicine is disastrous, irrespective of whether it contains toxic ingredients which can damage the consumer’s health or it is ineffective, which is almost as bad. According to WHO estimates, 20% of medicines sold in India are counterfeit.
Fake drugs are an existential threat to the pharmaceutical industry the world over. Not only do they cost Brand owners millions of dollars in lost revenue, there is a serious reputation risk on account of a potential health incident or a fatality due to consumption of a fake drug.
With Chkfake, pharmaceutical companies now have an option to ensure that only genuine medicines reach your consumers and you get insights for a focused enforcement action.
Auto Spare Parts
According to industry estimates, almost 40% of auto spare parts are counterfeit and as many as 20% of all fatal road accidents are caused by fake auto parts. Fake auto parts are of sub-standard quality and cause long term damage to your vehicle.
Even if you entrust your driver or the mechanic to get your vehicle serviced, with Chkfake, you can ensure that only genuine auto-parts are used in your vehicle.
Printers and Inks
The Imaging Supplies Coalition (ISC), estimates the annual market in fake printer ink and toner to be worth $3bn worldwide.
Counterfeit ink can damage valuable equipment and erode brand equity. It is known to block print heads, causing printer jams or eventual damage.
By using Chkfake’s platform, legitimate manufacturers can ensure that only genuine products reach their consumers.
Mobiles and Computers
Mobile phones and computers (including accessories) are one of the most targeted goods by counterfeiters. According to OECD, almost 19% of mobiles sold in the world are counterfeits. FICCI estimates that the computer industry in India lost about Rs 7,344 crore to the counterfeit and grey market in 2014.
The real dangers of fake goods far exceed revenue losses. They seriously put the life and safety of your consumers at risk and expose the Brand to reputation damage.
Now with Chkfake, you can make it easy for your customers to tell the difference between genuine and counterfeit, thereby protecting your business and your customer.
Counterfeit electrical products are a growing problem that can have serious consequences. In many instances, counterfeit products appear to be genuine, but do not meet performance and safety specifications of reputed Brands.
Everyone in the supply chain is at risk including distributors, electrical contractors, system integrators, machine builders, and users.
With Chkfake, Brands can build a strong army of loyal customers who can tell the difference between genuine and counterfeit electrical products, and create deterrence in the market.
India is home to a thriving fake market — growing 20% every year — where counterfeit garments, shoes, watches, leather merchandise and jewellery are served as genuine products. World over counterfeit products take away more than $500 billion from the fashion industry every year.
With Chkfake, Brands can protect their fashion products with difficult to copy anti-counterfeit features and be assured that these can be verified by their customers on the Chkfake platform.
The sale of sub-standard, spurious and counterfeit agri-products (seeds, fertilizers, pesticides) is a major challenge being faced by farmers and Brands alike. These counterfeit products not only put the farmer’s and consumer’s life at risk, but inflict severe damage on crops and the environment, which causes multiple losses from lower yields to unsafe produce to financial ruin for the farmer.
With the Chkfake platform, Brands can secure their products and be assured that these can be verified by their customers conveniently.
The FMCG sector faces unprecedented threats from counterfeits. FICCI estimates as much as 32% of personal products and 22% of food products value impacted by counterfeits and smuggled goods in India. As supply chains become more global, and counterfeiters get access to sophisticated manufacturing technology, packaging itself is no deterrent to counterfeiting in FMCG products.
FMCG Brands face a challenge in protecting their products on account of low unit costs, making investment in anti-counterfeiting technology difficult. There is also a fear that communicating ‘how to verify’ to its consumers will create the perception that their Brand is the one with the problem.
Chkfake understands these challenges, and can help Brands overcome them. It is time to protect your products, your consumers and your reputation from counterfeits with Chkfake.