Product counterfeiting represents a growing, global risk that poses many negative consequences for consumers, businesses, governments, national security, the economy, and society. Research suggests that the first step in formulating effective strategies to combat such crime is to understand what shapes the nature of the criminal opportunity. The chapter begins with a general overview of the scope of the illicit trade in counterfeit goods, including connections to transnational organized criminal enterprises and terrorist organizations. The consequences of product counterfeiting are then discussed, followed by the factors shaping opportunities for this crime, including global consumerism, cultural awareness, profit potential, technological advances, low-risk crime, supply chain complexity, and lack of awareness. The chapter concludes with a review of the need for further research to better understand the risk of and opportunity for product counterfeiting.