Counterfeiting is a worldly problem that we face everyday. By 2015, the International Chamber of Commerce (ICC) expects the value of global counterfeit goods to exceed $1.7 trillion – 2% of the world’s total current economic output. The ICC also estimates counterfeit goods are now worth more than 5% of all world trade.
The act of counterfeiting money is a large issue and the U.S. government has removed circulation of $103 million to $261 million of fake money between 2008 and 2011. The most U.S. made counterfeit money has been made by crystal meth and marijuana dealers. However, investigators estimated that only 10% of those that counterfeit money are arrested in the country.
Not only money is counterfeited though. Other products that are counterfeited include identification cards, aerospace, and goods such as electronics, CDs, DVDs, clothing, shoes and drugs. The most prevalent countries for piracy include China, Russia, India, Pakistan, Uruguay, Korea, and the Philippines. All around the world, we are seeing major economic and social impacts due to counterfeiting.
To learn more about counterfeiting check out the infographic below presented by Camcode.
Infographic by Camcode