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AGMA Identifies Digital Authentication as Key Tool in High-Tech Industry's Fight against CounterfeitingLOS GATOS, Calif., Sept. 19, 2018 (GLOBE NEWSWIRE) -- While the practice of counterfeiting dates back to ancient times, recent technology advances are poised to make this illegal practice much more difficult for fraudsters. Time is of the essence here, as the counterfeit problem is an ever-growing one: a recent global report estimates that $1.2 trillion worth of goods were counterfeited last year – a number that doesn’t even begin to touch on the lost revenues, degraded brand equity and potential harm to end users that counterfeit activities contribute to. Stopping Illicit Activities in Their Digital Tracks Out with the Old, In with the New Digital transformation is more than just the buzz phrase du jour. In fact, the efficiencies, agilities and improvements that the digitization of processes brings are critical to success in the modern business world. The ability to arm consumers with an easy-to-use authentication tool – a cell phone – has put the power to verify goods in their hands and opened the door to more sophisticated technologies. These fully digital technologies are more advanced than manual forms such as holograms, optically variable ink and the like, and require an electronic means for detection and validation. This makes them difficult for counterfeiters to copy and allows for quick and easy confirmation. QR codes, 2D tags and next-gen holograms are good examples of digital authentication technologies that are both easy to use and challenging to duplicate. While digital authentication technologies may lead to added costs and necessitate changes to internal systems or manufacturing processes, the long term benefits they provide in terms of mitigating counterfeits should not be overlooked. Strategies and Considerations
“In order to provide our members with the latest tools to ensure brand integrity, AGMA will continue to keep an eye toward the future,” added Nguyen. “This future includes potentially game-changing innovations such as blockchain, which is currently being closely looked at by authentication vendors. Blockchain’s ability to capture every transaction in the supply chain allows this to happen and has us very excited about its potential to help our cause: making counterfeiting more difficult, undesirable and unprofitable for perpetrators.” As an industry association, AGMA is chartered with addressing key threats to intellectual property in the high-tech industry. To learn more about AGMA, please visit www.agmaglobal.org. About AGMA AGMA welcomes technology manufacturers, as well as persons or entities that own or hold intellectual property rights to finished goods outside the technology industry; government and law enforcement officials; product and service providers who provide goods and/or services to combat gray market fraud, counterfeiting and warranty and service abuse threats. AGMA uses a variety of avenues to cultivate change in the marketplace, including event speaking, educational initiatives, benchmark studies, industry guidelines, and, where appropriate, public policy advocacy. To learn more about AGMA’s initiatives or to become a member, please visit www.agmaglobal.org or follow them on LinkedIn and Twitter. Media Contact: A photo accompanying this announcement is available at //www.globenewswire.com/NewsRoom/AttachmentNg/1bfda30b-1cae-4120-8ab2-205a5ba56aaf The photo is also available at Newscom, www.newscom.com, and via AP PhotoExpress. |