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Amazon invested $1.2 billion, hired 15,000 people to tackle counterfeit, fraud

Economic Times

Economic Times · 1y ago

Amazon invested $1.2 billion, hired 15,000 people to tackle counterfeit, fraud

Amazon invested over $1.2 billion in 2023 and hired 15,000 experts to protect its brand and customers from fraud and counterfeit activities, according to the Amazon 2023 Brand Protection Report. The company employed machine learning scientists, software developers, and investigators who focused on detecting and preventing counterfeit and fraudulent activities. Amazon's efforts resulted in a significant decrease in the number of bad actor attempts to create new selling accounts, with over 700,000 attempts thwarted in 2023. Additionally, the company identified and disposed of over 7 million counterfeit products and pursued legal action against more than 21,000 bad actors.

Related News

Amazon discloses 181 million users in EU in first store transparency report

Economic Times

Economic Times · 2y ago

Amazon discloses 181 million users in EU in first store transparency report

Amazon has disclosed that it has 181 million users in the European Union, as per its first-ever store transparency report. The report aims to provide insights into its efforts to prevent counterfeit products and protect consumer safety. Amazon seized over 2 million counterfeit products before they were sent to customers and blocked more than 10 billion listings suspected of being counterfeit. The company has invested heavily in technologies to detect and stop counterfeit products on its platform.

Counterfeit Cisco gear ended up in US military bases, used in combat operations

Arstechnica

Arstechnica · 1y ago

Counterfeit Cisco gear ended up in US military bases, used in combat operations

A Florida man, Onur Aksoy, has been sentenced to 78 months in prison for running a counterfeit scam that generated $100 million in revenue. He pleaded guilty to charges of trafficking in counterfeit goods, mail fraud, and wire fraud. Aksoy operated a scheme that involved selling fake computer networking devices, obtained from China and Hong Kong, through various online platforms. The devices, including counterfeit Cisco products, were purchased by the US military and put sensitive applications at risk. Aksoy has been ordered to pay $100 million in restitution to Cisco and additional fines.

Amazon to invest $1.3 billion in France, create 3,000 jobs

Economic Times

Economic Times · 1y ago

Amazon to invest $1.3 billion in France, create 3,000 jobs

Amazon has announced plans to invest over 1.2 billion euros ($1.3 billion) in its French operations and create 3,000 permanent jobs in the country. The investment will focus on expanding cloud infrastructure and logistics networks to support the growth of generative artificial intelligence in France. Amazon has already invested more than 20 billion euros in its French operations since 2010, and the new investment will further strengthen its presence in the country. Additionally, a portion of the funds will be used to enhance the company's logistics network for faster and more sustainable deliveries.

Billions of fake SMS messages were sent last year — here's why it's a growing problem for all of us

Techradar

Techradar · 1y ago

Billions of fake SMS messages were sent last year — here's why it's a growing problem for all of us

A new study reveals that fraudulent SMS messages totaled between 19.8 and 35.7 billion in 2023, resulting in businesses losing $1.16 billion. This accounts for almost 5% of international SMS traffic, leading to a decline in trust and reliability in SMS services. The report suggests that the industry needs to identify and combat the various types of fraud, including bot-generated traffic and counterfeit messaging. The rise of fraud poses a significant challenge to the A2P SMS industry, jeopardizing its recovery from the impact of the pandemic.

Google vows more transparency on ads as new EU rules kick in

Economic Times

Economic Times · 2y ago

Google vows more transparency on ads as new EU rules kick in

The DSA will go into effect on Friday and requires companies to do more to tackle child sexual abuse material and disinformation, be more transparent on their algorithmic processes, bots and targeted advertisements and to remove illegal, unsafe or counterfeit products sold on their platforms.

US lenders’ representative Glas Trust rejects Byju Raveendran’s allegations of fraud, collusion

Economic Times

Economic Times · 6m ago

US lenders’ representative Glas Trust rejects Byju Raveendran’s allegations of fraud, collusion

Glas Trust, representing US entities that lent $1.2 billion to Byju's, denied allegations of collusion and fraud by founder Byju Raveendran, labeling them baseless. Byju’s alleged misconduct has led to insolvency proceedings. A whistleblower flagged potential fraud involving ex-resolution professional Pankaj Srivastava and EY. Following a ruling, the consortium has sued Byju’s executives for misappropriating funds. The issue is under review by the National Company Law Tribunal (NCLT).

Abhinay Maths Accuses Classplus Founders, Others Of Cheating & Forgery

Inc42 · 1y ago

Abhinay Maths Accuses Classplus Founders, Others Of Cheating & Forgery

Abhinay Sharma, the founder of Abhinay Maths, has filed an FIR against the founders and executives of Classplus, accusing them of cheating, forgery, fraud, and copyright infringement. The FIR names Classplus co-founders Mukul Rustagi and Bhaswat Agarwal, CFO Sankalp Agarwal, and VP of business Ayush Agarwal, as well as GSV Ventures managing partner Deborah Quazzo. The allegations include the unauthorized acquisition of assets valued at INR 70-80 Lakh and the use of counterfeit stamps. Classplus had invested in Abhinay Maths last year. Classplus had previously faced a lawsuit for alleged cheating and criminal breach of trust.

Donald Trump's Truth Social deal has made him one of the 500 richest people in the world

Business Insider

Business Insider · 1y ago

Donald Trump's Truth Social deal has made him one of the 500 richest people in the world

Donald Trump's net worth has soared to $6.5 billion, making him one of the 500 richest people globally, thanks to his Truth Social deal. The former US president has seen a series of wins recently, including a reduction in his bond for a fraud case to $175 million. Trump has heavily invested in the social media platform, Truth Social, and its parent company, Trump Media & Technology Group, which recently went public. Shares of the company surged by 56%, and it is estimated that Truth Social could have a valuation exceeding $5 billion with around 5 million users.

Scammers Sent Fake iPhones 'For Repair' to Get $3 Million in Authentic Phones From Apple

Gizmodo

Gizmodo · 1y ago

Scammers Sent Fake iPhones 'For Repair' to Get $3 Million in Authentic Phones From Apple

Two Chinese nationals, Haotian Sun and Pengfei Xue, residing in Maryland, are facing up to 20 years in prison after being found guilty of sending thousands of counterfeit iPhones to Apple between 2017 and 2019. The men used fake iPhones sourced from Hong Kong and submitted them for repair, receiving authentic replacement iPhones in return. They spoofed serial numbers and used aliases to cover their tracks, resulting in a $3 million worth of fraud. Sentencing is scheduled for June 21. This case is similar to another involving two brothers in San Diego who exchanged counterfeit Apple products.

After Big B, Hindustan Composites Picks Up Stake In Swiggy

Inc42 · 1y ago

After Big B, Hindustan Composites Picks Up Stake In Swiggy

Hindustan Composites has announced plans to acquire 150,000 shares of Swiggy for INR 5.1 crore in an all-cash deal. The company has invested in Swiggy with hopes of gaining long-term or short-term profits from the upcoming IPO. Swiggy is preparing for its IPO, expected to be valued at $15 billion, with a fundraising target of $1 billion to $1.2 billion.

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