VerifyMe Featured in Various Media Articles Regarding the Increase in Counterfeit Risk from the Proliferation of Online E-Commerce
Company’s Technology Solutions Protect Brands and Consumers from Counterfeits
Rochester, NY – GlobeNewswire – December 16, 2020 – VerifyMe, Inc. (NASDAQ: VRME) (“VerifyMe,” “we,” “our,” or the “Company”), a solutions provider that helps brand owners monitor, control and protect their supply chain with software and counterfeit prevention technologies, is pleased to announce that it was featured in several recent media articles on the topic of the increase in counterfeit risk from the rise of online e-commerce.
VerifyMe’s Chief Operating Officer, Keith Goldstein, was highlighted in discussing the Company’s security authentication technology solutions in the following recent media articles:
E-Commerce Times article titled, “‘Tis the Season for Online Counterfeits,” by Jack Germain on November 25, 2020.
Talk Business & Politics article titled, “The Supply Side: Online commerce rise increases counterfeit risk” by Kim Souza on December 5, 2020.
According to Forrester Research, 2020 online holiday sales in the U.S. will reach $173 billion. COVID-19 limited in-store traffic, which led to many Americans making more purchases online, and retailers should expect an accelerated version of this trend during the remainder of 2020. U.S. online holiday sales will grow by an average of 24.4% over 2020.
Keith Goldstein, VerifyMe’s Chief Operating Officer, commented, “Black Friday is usually primetime for in-store shopping, but this year will be much different. The uptick in e-commerce purchases along with Americans’ heightened price sensitivities could give a boost to the counterfeit market. As shoppers look for cheaper options online, they may find themselves on unfamiliar websites or purchasing from unauthenticated vendors, tempted by low prices and better deals for seemingly the same product,” he told the E-Commerce Times.
“If possible, buy directly from a brand owner’s website rather than e-commerce shopping sites, which have become dumping grounds for counterfeiters,” urged Goldstein.
For instance, many companies are investing in track-and-trace technologies that are fixed onto products to protect them from counterfeiting. This typically includes invisible, non-replicable codes that can be scanned by warehouse distributors and retail companies to indicate if goods in the supply chain were tampered with. This technology protects products throughout the retail supply chain. It also can be used via visible QR codes that consumers can easily scan with a smartphone to prove authenticity.
When a consumer gets the item home, they can scan the code with their smartphone and verify its authenticity on the spot. This also gives brands direct engagement with the end-user and provides opportunities for marketing with coupons or storytelling by the manufacturer.
All the data is stored in the cloud, it’s easily accessible by all the stakeholders. Product and supply chain transparency continues to be essential for consumers and brands. VerifyMe is working with several industries to test and use the technology to protect against counterfeiters and push branding messages out to consumers.
About VerifyMe, Inc.
VerifyMe, Inc. (NASDAQ: VRME), is a technology solutions provider specializing in brand protection functions such as counterfeit prevention, authentication, serialization, and track and trace features for labels, packaging and products. VerifyMe’s physical technology authenticates packaging, labels and documents with a suite of proprietary security inks and pigments, which work in conjunction with serialization and track and trace software known as VeriPAS™ that allows both consumers and brand inspectors to verify authenticity with their smartphones. VeriPAS™ is a serialization software system that brand owners access through a web portal to monitor, control and protect their products complete life cycle. To learn more, visit www.verifyme.com.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements regarding revenue opportunities, the use of our products in additional devices and locations, the results of ongoing tests, and roll-out of our products and authentication devices. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include the impact of the COVID-19 pandemic, intellectual property litigation, the successful development of our sales and marketing capabilities, our ability to retain key management personnel, our ability to work with partners in selling our technologies to businesses, production difficulties, our inability to enter into contracts and arrangements with future partners, issues which may affect the reluctance of large companies to change their purchasing of products, acceptance of our technologies and the efficiency of our authenticators in the field. Further information on our risk factors is contained in our filings with the Securities and Exchange Commission (the “SEC”), including under the heading “Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2019 and the Quarterly Report on Form 10-Q for the three months ended September 30, 2020. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.