Everyone wants to get what they pay for, especially when they’re spending more to buy the very best.
Unfortunately, counterfeit scams are on the rise, thanks to the increase in global trade and the ease of doing business over the Internet. As a result some consumers are paying more for products that aren’t what they claim to be, such as expensive cooking oils that don’t deliver what their labels promise.
Last year, almost 30,000 websites were shut down by U.S. law enforcement agencies for selling counterfeit goods, according to Consumer Reports. Fake products cost as much as $250 billion in lost revenues for legitimate businesses.
There are also some very real risks to life and limb from using counterfeit products, from mislabeled ingredients in food products to faulty wiring in electronics goods.