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It is now well accepted that virtually all brands, from the utmost recognized to the newly eager, face an unprecedented onslaught of counterfeiting and gray market trading. In emerging countries, this menace is bold and audacious, with outright fakes appearing in the open marketplace. In developed countries, the problem is equally insidious due to online propagation of counterfeit products through e-commerce platforms.
In addition to the health problems that tainted food can cause consumers, and the damage to the brands’ and retailers’ reputations, a food recall can cost a food company $10 million or more in direct costs, business interruption and lost sales.
VerifyMe, Inc. announces it has finalized an agreement to provide its proprietary anti-counterfeit features for GuardLab, Inc.’s products and packaging.