Global economy loses $6b annually to counterfeit mobile phones

While the global economy loses about $6 billion annually to the menace of counterfeit phones coming through the grey market, according to latest Mobile Manufacturers Forum, (MMF),  report, Samsung Electronics has said that it would  deepen partnership with the relevant authorities and vendors in Nigeria to tackle influx of fake phones. The new report by MMF showed that in 2013, no fewer than 148 million counterfeit mobile devices were sold through visible retail sites, with many more expected to be sold in unofficial retail outlets, online auction websites and in local black markets worldwide. A grey market is the trade of a commodity through distribution channels which, while legal, are unofficial, unauthorized, or unintended by the original manufacturer. The most common type of grey market is the sale of imported goods brought by small import companies or individuals not authorized by the manufacturer.