ProductSecure announced that it has joined hands with Polycab, to provide a simple and effective tool which will enable Polycab retailers and customers to verify for themselves the authenticity of their purchase.
Counterfeiting is an immense problem in India, causing a loss to the government of more than Rs. 39,000 crore, as per a FICCI study released in 2015. The rates of counterfeiting vary from 30 per cent to as high as 70 per cent depending on the industry. Consumers purchase wires and components believing them to be genuine only to realise afterward that they do not meet industry requirements. Sometimes counterfeits get passed off under a brand name but are actually not manufactured by that company and are made of low quality materials that cannot perform the necessary functions required.
“There is an urgent need to take strong measures to tackle the threat of counterfeit products by using innovative technology. Our partnership with Polycab is one such progressive step to educate and empower consumers to check their products for themselves. ProductSecure understands that product counterfeiting is a serious and growing issue and has developed technology-based authentication methods to mitigate the risks of counterfeit Wires and Cables,” said Nakul Pasricha, CEO of ProductSecure