Retail Counterfeit Threat Grows

Fraud and counterfeiting keep growing in retail, says Lorne Lipkus, founding partner, Lipkus Law LLP. Speaking at the Retail Council of Canada (RCC) ‘The Future of Retail and Modern Risk Management’ conference, he said counterfeiting is now the second highest method of financing for organized criminals. “Fighting the proliferation of counterfeit goods is accomplished by protecting yourself, not spending a fortune, but just by being knowledgeable.” In collaboration with the Canadian Anti-Fraud Centre (CAFC), Lipkus said retailers across the country must become more familiar with testing products to ensure that they are consistent with the brands that they supposedly represent. The illicit trade is facilitated by the sales and purchases of consumer goods, often through digital channels. This is fuelling the rapid increase in the trade of counterfeit products, further compromising the earnings of retailers, said Lipkus.