Human minds are very creative and they tend to make surprising innovations in different forms like designs, art, symbols, chemical formulas, names, and many more. These unique creations are what is called Intellectual Property. Intellectual assets are different from tangible assets like buildings, cars, the property as they are not tangible but are created from human intellect. But these carry both moral as well as monetary values. Considering the potential gains from the results of the human intellect, it becomes important to credit the owner. Therefore, the concept of intellectual property dates as back as the 17th and 18th centuries first originated in England.

To easily categorize the different outcomes of the human intellect, there are various types of IP, patents, trademarks, copyrights, trade secrets, and more. Intellectual property though is different from other property is also protected by law. The primary purpose of IP is to encourage more and more creations and innovations that would in turn help the countries develop. In order to promote and motivate humans for innovations, the law under IP provides the owners with the property rights to the intellectual goods they create. Having these rights gives the owners much incentive as they get to earn profits when a person or a business wants to use them in their businesses.
 

Even though all this does sound really simple, but that’s not the case! Crimes do arises whenever there is a potential for financial gain. Intellectual property crimes are of many forms but it generally involves manufacturing, selling or distributing counterfeit or pirated products. It results in violations of different intellectual property like patents, copyrights, trademarks, and more. In basic terms, counterfeiting is imitating something that is original and unique with the intention of financial gains by manufacturing, selling or distributing the replica of the real/genuine product and deceiving the customers. They do all this without the permission of the owner with such rights and even include the trademark or logo of the genuine brand to make it look real, plus sell them at equal or higher prices. Nowadays, every branded thing is being counterfeited, right from currencies, documents, consumer goods, clothes, handbags, shoes, watches, jewellery and likewise.

Intellectual Property crime has negative impacts on society! The economy gets hampered, industries and companies face huge losses, consumers get fooled into paying for duplicates or replicas of the originals. The inventor gets cheated and ends up having no financial incentives for the counterfeited products. Consumers end up getting the poor value of their hard-earned money. Industries end up losing millions due to these crimes which hamper the growth of the industries and in turn affect the economy as a whole.

Therefore, it is important to take as many precautions as possible to minimize this particular crime. These sorts of crimes generally begin in the factory or the retail outlets. The workers and employees can easily turn into bad guys to earn money illegally. Moreover, being in such close contact with all the products daily, it becomes quite easy for them to make duplicates and sell them to a third party. So, it is important to ensure that the employees and workers who are getting hired are legitimate and trustworthy.

A proper ID verification is the very first step in finding out the above!

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