- Ever been scammed out of your money and bought a counterfeit item? This year Statista estimated the counterfeit goods market was netting up to US$509 billion in 2016
- American customs even seized millions of dollars of fake goods at California’s LAX last month
- One ASX listed company, YPB Group, uses phone-scanning NFC (near-field communication) technology from the origins of the supply chain to prove authenticity
- Using the company’s phone app, you can check with compliant companies if your bottle of wine or lip kit is legitimate
Ever been scammed out of your money and bought a counterfeit item? Maybe a fake designer bag or your new pair of sneakers didn’t look quite right.
If you’re thinking ‘yes’, you’re not alone. This year Statista estimated the counterfeit goods market was netting up to US$509 billion in 2016. That’s 3.3 per cent of the world’s traded goods.
Among the most affected industries include footwear, leather goods, clothing, watches and even electronics. Even hit-rapper Soulja Boy, who released Crank That in 2007, squared up to Nintendo with his own hilarious game console knockoff.
Most likely, shoppers will come across fake Louis Vuitton bags, Gucci tops and Nike sneakers. American customs even seized millions of dollars of fake goods at California’s LAX last month.
While some buyers intentionally buy fake goods to save cash, the fear of getting scammed out of your hard-earned money for a fake Rick Owens piece or skate-culture favourite Supreme top is a real fear for legitimate buyers.
This is especially important in today’s climate when authentic streetwear echoes your fashion cred.
So what’s the safe way to shop for these legitimate pieces when buying from resellers? Popular market place Grailed does its best to protect buyers while PayPal allows you to report scams and get your money back.
These options to shop safely and without fear are great, but what about truly preventative measures from the start of the supply chain?
One ASX listed company, YPB Group, uses phone-scanning NFC (near-field communication) technology from the origins of the supply chain to prove authenticity.
NFC chips are commonly used in your paywave debit card or your special card to tag-on for the bus or train.
Using the company’s phone app, you can check with compliant companies if your bottle of wine or lip kit is legitimate.
Today the company expanded its business with an Indonesian pharmaceutical company, which could net up to $1 million for YPB.
Signing a three year Master Supply Agreement with PT Combiphar, YBP will extend its partnership from 2016 to bring the technology to more of the pharmaceutical company’s goods.
“Our refreshed strategy has Pharma and health products as key verticals of focus and we are delighted to extend and expand our close collaboration with Combiphar,” YPB Group CEO John Houston said.
The expanded relationship between the companies seeks to increase YPB’s presence among the existing medical products.
At the beginning of the company’s collaborations, Combiphar’s cough syrup product line alone generated half of YPB’s revenue for a year.
“We anticipate our solutions enhancing Combiphar’s engagement with greater numbers of its consumers by assuring the authenticity of a broader range of its products,” John Houston added.
Combiphar was founded in West Java in 1971, today producing over 170 product lines with cough syrup, joint-pain relief gels and eyecare solutions.
Combiphar also carries out business as a contract manufacturer with globally traded goods and has obtained Therapeutic Goods Administration certification for some of its products to hit Australian shores.
However, shares in YPB are stagnant today priced at 0.6 cents apiece in a $5.749 million market cap.