Unfortunately, IP crime is on the rise, particularly during these unprecedented times. A 2019 report found that the trade of counterfeit goods around the world now generates income of $509 billion annually. In Europe, around 7% of goods have been found to be counterfeit, which equates to approximately €121 billion in counterfeit goods per year. In the UK alone, IP crime is thought to cost the economy over £9 billion in lost revenue each year, which equates to £4 billion per year in unpaid taxes and causes the loss of almost 60,000 jobs. Concerningly, customs determined that 37% of the counterfeit goods it obtained at EU borders were dangerous and harmful to consumers.
