Counterfeiting costs ‘$1.8 trillion’ a year, report claims

The sale of counterfeit goods, including online, is costing the global economy $1.8 trillion a year, according to a report by online brand protection company NetNames.

The report, called “Counting the Cost of Counterfeiting”, and released today, October 19, claims that the overall cost of counterfeiting has increased by 15% in the last 12 months, including on social media platforms.

Gary McIlraith, chief executive of NetNames, said that although there is an “explosion of counterfeiting in many forms” it is the collision of counterfeiting and the online world that is “pouring the most fuel onto the fire.”

He added: “Brands have a responsibility to safeguard their customers from counterfeit goods, especially when there is a genuine danger for consumers.”