What is intellectual property fraud?

Intellectual property includes intangible assets such as patents, design rights, and customer lists. Even commercial assets such as stocks, factories and machines are also marked as intellectual property. Intellectual property is easily stolen by third parties and even staff. Employees may disclose important customer lists or patent information or any design rights to third parties, knowingly or unknowingly. From electronics to pharmaceuticals, every industry is directly or indirectly affected by intellectual property fraud. The best example of an electronic product that is illegally copied in China and before the original can be given. The World Health Organization estimates that 10% of prescription drugs like Viagra are fake drugs. According to the statistics of the Italian Chamber of Commerce, at least 20% of the clothing purchased is fake. Because of this trend, both consumers and companies have suffered.

Companies can take several key steps to protect them from intellectual property fraud:

1. Conducting an intellectual property audit: conducting an intellectual property [intellectual property] audit includes:

A. Review human resources policies by allowing new employees to sign confidentiality agreements and have intellectual property ownership and non-competition clauses.

B. Checking personal safety is very important. Closed-circuit cameras and locks should be checked to check where they work well because they are used to monitor those critical IP files.

C. The legal rights of the file should be analyzed. In addition, you should first evaluate IT access rights and some strategies that allow you to copy information.

2. Learn more about your partners: Conduct background checks on local partners' employees, managers and employees before entrusting any valuable intellectual property.

3. Bring IP theft experts: On-site visits to suppliers and manufacturers of IP theft experts have the ability to discover content that can enhance your intellectual property protection. It is equally important to implement a royalty tracking device throughout the supply chain.

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