The App That Can Spot a Counterfeit Good

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Aug. 7 (Bloomberg) -- Jeff Ronaldi, CEO of Document Security Systems, discusses the company's Authentiguard app which scans websites and tells if they are selling counterfeit items. He spoke with Cory Johnson Aug. 6 on "Taking Stock." (Source: Bloomberg)

This is "taking stock." i am pimm fox.

According to the department of homeland security, nearly $2 billion worth of counterfeit goods was seized in 2013. that is a fraction of what enters the country and is sold.

Document security systems can combat this.

It has launched authentigard.

It can scan websites and telephone are selling counterfeit -- and tell if they are selling counterfeit goods.

It is huge and growing every day.

It is something like number --5% of all manufactured items are counterfeit.

It is a huge market and it is growing.

It is growing every day.

You hear stories all the time of 95% of luxury items on certain websites are counterfeit.

Where are we seeing these?

It is absolutely everything.

Most in luxury goods but it is an absolutely anything that you buy.

If you're willing to buy it, they are willing to fake it.

I feel like there is -- as more commerce moves to the web and fewer sellers -- amazon is dominating, things are going through proper channels.

It is because of the web and the anonymous nature of the web that allows counterfeiting to happen.

It can get the items into the supply chain.

People used to stop us in the parking lot and say i have an extra speaker in the back of my car, do you want it?

That was the way it was.

Why should people care?

One is inferior product and safety concerns.

If these products go on your in you.

Baby formula, skincare, these are dangerous.

Tell me about your business.

We are a next-generation technology company.

We take -- not only do we, with new products but we invent them and patent them and acquire patents that complement their product line.

Not only do we have product sales we have licensing sales.

How do you pay for the product?

We sell this to manufacturers who are concerned about stopping counterfeit.

What are the nuts and bolts?

What we are using is next-generation of our technology, anti-counterfeit technology that you put on a product.

It is -- has been used in important papers like id's. it is an advanced hologram.

What we are capable of doing is scanning it and verifying that it is authentic.

People are putting on fake holograms?

Absolutely.

Counterfeiters have the exact replication two weeks later.

I have been reading about counterfeiting money.

That is where the technology is a race against the counterfeiters because there is so much money in it.

That is why it is such a good is this.

It is like the old days with online security.

There's always a battle between the good guys and the bad guys and you will always need better online security and better anti-spamware.

It is getting better and better.

Document security systems

This text has been automatically generated. It may not be 100% accurate.

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