Inksure Helps Ukrainian Govt. Recover $200M in Tax Revenues
NEW YORK, Sept. 7 /PRNewswire/ -- INKSURE Technologies (OTC Bulletin Board: INKS), a leading provider of security solutions for the prevention of counterfeiting, has teamed up with EDAPS Consortium in Ukraine to combat the ongoing problem of alcohol and tobacco fraud.
"Verifying the authenticity of tax stamps is quickly becoming a cat and mouse game between security experts and sophisticated networks of criminals," said Tal Gilat, CEO and President of Inksure. "As a result, increasingly complex technologies are necessary to combat the latest developments in forgeries."
Tax or Excise Stamps are usually issued by a country's finance ministry. Alcohol and tobacco manufacturers and importers are obliged to buy the tax stamps and affix them to their packaging to prove that the appropriate duty has been paid. Modern tax stamps use holograms and other anti-counterfeiting measures to prevent distribution of contraband goods. But many of these overt security measures have been compromised by sophisticated counterfeiting operations.
Together with Centro Grafico DG and EDAPS Consortium, Inksure has developed a new method of inserting optical codes into holograms that can be verified in real-time with a hand-held opto-electronic device.
Since these measures were added to the Tax Stamps issued in Ukraine for use with Alcohol and Tobacco, the government was able to recover over $200M in additional taxes—income that had previously been lost to counterfeiters. "One of the key elements to any authentication technology is ease of use," said Andriy Tymoshenko, Manufacturing Director of EDAPS Consortium. "A technology is only as strong as the humans using it. The combination of visual holograms with a chemical signature has struck a harsh blow to the black and gray market economies."
Inksure's security solution uses a chemical compound that emits a unique spectral signature per implementation. While invisible to the naked eye, Inksure's pen-sized, hand-held reader can instantly identify these spectral signatures and verify the authenticity of the product with forensic accuracy.
About INKSURE Technologies Inc.
INKSURE Technologies is an industry leader in brand protection, product diversion and document security. Inksure's taggant technology is applied to tens of billions of consumer items and high-value documents annually. The verification process provides instant, reliable, forensic-quality results. The company targets a number of industry sectors, including the financial and pharmaceutical fields, branded products, transportation, and government projects.
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SOURCE INKSURE Technologies, Inc.