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Study: $10-15B/year is lost to consumer product fraud


A new study from The Grocery Manufacturers Association and A.T. Kearney, Consumer Product Fraud - Detection and Deterrence: Strengthening Collaboration to Advance Brand Integrity and Product Safety, concludes that a fundamental change in the way industry and governments respond to product fraud and ensure product safety is needed to minimize risk and protect consumers.

Researchers also quantified the annual costs of consumer product fraud as between $10 to $15 billion/year.

The study findings are based on approximately 100 interviews with senior managers in the food, beverage and consumer product industry, 50 responses to an industry-wide survey, a 150-incident repository, and A.T. Kearney research and expertise. The study analyzes recent economic adulteration cases, motivational drivers and the resulting cost implications. The study explores leading practices and success stories related to fraud deterrence and detection, and examines opportunities for manufacturers, industry at-large and governments to reduce the risk of economic adulteration, protect brands and enhance consumer product safety.

"This study identifies and measures the consequences of consumer product fraud, but more importantly, the study provides specific recommendations for consumer product companies and governments on how these organizations can better work together to address the consumer product fraud issue," noted Dr. Craig Henry, president, GMA Science and Education Foundation.

 

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