Counterfeit Bearings Cost More Than Just Money
Statistics About Counterfeit Bearings
1. The annual economic and social costs resulting from fake bearings amounts to US$ 1.7 billion worldwide.
2. The total cost of fake bearings to the global economy is around $4.2 trillion!
3. With the rise of advanced technology in third world countries, it’s becoming easier to illegally replicate a reputable manufacturer’s product, making it nearly impossible to distinguish between the fake and genuine brand of bearing.
4. There have been numerous documented cases of counterfeit bearings being the cause of major machine failures, factory damage, injuries, expensive plant downtime and the loss of product guarantees.
5. Detecting a counterfeit is difficult and often only the tiniest nuances can mean the difference between a real and a fake. One way to do it is to check the part number. Each manufacturer has their own unique stamp and etched part number that is standard across their bearings. If there seems to be something different about a stamp or part number on your bearing, it may be a counterfeit.
View the U.S. Bearing Brand Protection Handbook put together by the 2016 ABMA Anti-Counterfeiting Committee.
ABMA’s Customs Education Seminar has educated Customs and Border Protection (CBP) Agents and Import Specialists, IPR Center Staff, Immigration and Customs Enforcement Officials and Criminal Research Specialist about the issues surrounding counterfeit bearings leading to more effective enforcement at the borders and additional partnership opportunities. As a result of our efforts, U.S. Customs and Border Protection has seized counterfeit bearing products through numerous entry ports including one 2011 seizure with an estimated retail value of about $750,000 including fake versions of numerous premium brands. ABMA has trained annually at Federal Law Enforcement Training Center (FLETC) Customs Fraud Investigation Course in Georgia and the following Ports of Entry:
Brand New White Paper About Counterfeit Products that affect manufacturing in the U.S.. Produced by NAM.
ABMA hosted a Fighting Counterfeits in the Bearing Supply Chain webinar on Tuesday, July 24. The webinar educated distributor partners at all levels of distribution on the realities of counterfeit bearings, their impact on the supply chain and what can be done to ensure that counterfeit bearings do not infiltrate the authorized bearing channels.
Click Below to Report IP Theft to the National Intellectual Property Rights Coordination Center