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Economic cost of Fake Degrees and Certificates to Society

Costs to consumers, legitimate Universities and Colleges, to Employers and Whole Society.

With the great demand for qualified people in today's modern workplace, combined with the rising cost of attending college, there has been a great rise in people offering Fake Degrees and Certificates. This has become a worldwide problem and has prompted many employers to employ specialized firms to verify college degrees and other educational qualifications.

Fake Degrees are counterfeit degrees that have the name and signs of real and fully accredited universities or colleges. They can either be degrees from a bogus university that does not meet the standards of a fully accredited university and require less work to obtain, or they can actually be sold outright to someone who has not done any coursework at all.

Fake degree programs has become a billion dollar industry with people just selling paper qualifications to anyone who wants them. This industry of offering fake degrees and qualification is an old one and this has over time led to the creation of Government agencies to verify qualifications in different fields.

The increase of online education and Distant learning has created a good environment where both legitimate and illegitimate colleges thrive and it is difficult to tell which ones are illegitimate, especially given the global exchange of labor where people migrate from different countries and regions.

People buy fake degrees so they can get jobs they are not necessarily qualified for. This can mean increase in their income and it takes away from people who are actually qualified and would have got that job. This is one way fake degrees have an economic effect in society.

The legitimate universities whose degrees are faked and sold to people also lose. They have made great investments in building an institution to train people and give them valid degrees and when their degrees are faked and sold to people, this can mean a loss of their investments and a loss of tuition and fees. The money people spend to buy the fake degrees should have gone to the legitimate college or university in terms of tuition to train students and give them legitimate degrees. This is another way fake degree industry affects society economically.

Legitimate Colleges and universities are now forced to spend huge amounts of money to develop or buy anti-counterfeit technology to make sure their degrees are not faked. This money could have been used for other purposes hence fake degree industry ends up costing legitimate colleges lots of money.

Consumers are also affected economically by the fake degree industry. They can be tricked into buying a fake degree and later discover that it is not worth anything and they cannot get a job using that fake degree. So they end up losing money too.

Fake degrees also cost society at large because some sensitive industries like health and nuclear facilities may end up hiring unqualified people with fake degrees and this can lead to avoidable medical errors and disasters caused by hiring these unqualified people.