Counterfeiters do not take time off. At its core, counterfeiting preys upon our vulnerabilities and takes advantage of the average customer at any cost. This is particularly true right now during the coronavirus pandemic, the most inconvenient and vulnerable moment in generations. In the midst of mass shortages and colossal demands for certain products, especially in the health field, the counterfeit community has seen a golden opportunity. Over the past few months, tens of millions of new counterfeit products have been seized or identified on the web. These include fraudulent face masks, ventilators, disinfectants and testing kits.
Counterfeit products make up five to seven percent of world trade, and have cost an estimated 2.5 million jobs worldwide, with 750,000 jobs lost in the U.S. alone. It’s an issue that Brad Minnis, Senior Director, Corporate Safety and Security for Juniper Networks, spends much time and effort to mitigate.
More than $460 million in cash and bearer negotiable instruments (BNIs) and some 300 weapons have been seized in a global counter-smuggling operation coordinated by the World Customs Organization (WCO) and INTERPOL.