Alarming counterfeiting growth
In addition, counterfeiters have become extremely sophisticated and the risk of counterfeiting extends to electronic parts, mechanical parts, and industrial fasteners. The bottom line: Counterfeit parts are an increasing threat to manufacturers’ supply chains.
“Manufacturers need to have systems and procedures in place to detect and avoid the use of counterfeit parts. Effective counterfeit prevention procedures require coordination among several functions in a company, including purchasing, quality, and legal. Companies also need to incorporate counterfeit detection and avoidance requirements into the terms and conditions they impose on suppliers,” says Frank S. Murray, a manufacturing industry advisor.