IP crime or Intellectual Property crime is not a new thing, but in the 20th century, it has significantly come into account and currently it has become a big issue for many business owners around the world. Incidents such as copyright, general infringements, piracy, and counterfeit are all classified under intellectual property crime. Below, our white collar crimes attorneys explain what you need to know.

What is Intellectual Property (IP) Crime?

IP crime is the piracy, infringements or counterfeiting of someone’s cognitive belongings which are protected under Intellectual Property Rights (IPRs) and it can include any property including industrial design rights, digital media, copyright, luxury fashions, trademarks, patents, pharmaceuticals and sometimes trade secrets; IPRs can also include artistic works including words, inventions, symbols, designs, discoveries, phrases, etc.

With the advancement of technology, copyrighting issues or internet protocol offencehas increased to a great extent and allowed businesses and organization around the world to commit the crime easily. An internet protocol offencegenerally occurs on a global scale which sometimes makes it difficult for the IP owner to prosecute the case properly, but if you are a serious business owner and do not want to put your business at risk, it is always better to stay away from committing such crimes.

Different Types of IP Crime

Cognitive belongings crime is also sometimes termed as infringement. Depending on the type of the property the internet protocol offence, it is divided into four types and these include:

Patent Infringement: This is a type of crime where someone sells or uses the patented invention of a person without taking permission of the patent owner. In the United States, patent internet protocol offenceis handled under civil law, but in many countries, it is considered as criminal law including China, Russia, Argentina, South Korea, and

Copyright Infringement: Copyright IP crime is also known as piracy which is mostly done in IT industries and digital media where an organization copies, distributes, performs and displays a work which is already done by someone without taking any permission from the owner. In this crime, if the responsible person gets caught then he/she has to pay money for committing the crime and the amount is not a smaller amount.

Trademark Infringement: Trademark IP crime occurs when someone copies the trademark or uses a similar trademark which is already owned by someone else. In many countries, there is no need to create IPRs for trademark infringement but registering for IPRs offers many legal advantages to the owner. This crime occurs when more than one person is trading same service or product.

Trade Secret Misappropriation: This is a quite different internet protocol offence compared to other IP crimes because here the cognitive belongings is not publicly available like other IPs. In the United States, this crime is protected under state law. The crime can involve stealing a formula, design, process, pattern, etc.

IP Crimes Risks for Business

A business committing such crimes will have to face a lot of risks if unable to tackle the crime properly. Internet protocol offence can threaten your business, customers, future of your business and the staffs working on your business. Business owners may have to go through a custodial sentence as well as have to pay a significant fine for causing the crime.

For more information, seek help from an experienced white collar crimes attorney.