MoneyGram (NYSE: MGI), a leading global money transfer company, and the International AntiCounterfeiting Coalition, Inc. (IACC) today announced an agreement under which MoneyGram will participate in the IACC Payment Processor Portal Program, which is designed to prevent disreputable merchants from selling counterfeit goods by disabling certain payment processing channels, such as MoneyGram money transfers, to these merchants.
The IACC portal program provides a system for intellectual property rights-holders, such as manufacturers of luxury goods, electronics, and consumer products, to report the illegal sale of counterfeit items. Once a claim is verified by the IACC, a third-party monitoring agent alerts affected payment processors, such as credit card and money transfer companies, to ensure the illegal merchant no longer accepts payments through these channels.
“This collaboration with the IACC is one more step in MoneyGram’s commitment to prevent fraud, and our participation in the portal program will diminish the ability of counterfeiters to defraud consumers using MoneyGram money transfers,” said Pete Caddigan, vice president of global security and investigations at MoneyGram. “MoneyGram maintains a tough stance on fraud, and we are dedicated to protecting our customers and other consumers from being victimized by merchants of counterfeit items.”
Counterfeiters use MoneyGram and other payment processors as a sign of legitimacy to lure consumers to purchase fraudulent products, but participation in the portal program will help MoneyGram and the IACC identify illegal retailers and protect consumers from monetary losses.“We are excited to have MoneyGram join our fight against ‘rogue merchants’ who continue to prey on unsuspecting consumers by selling inferior and oft-times dangerous products online,” said Bob Barchiesi, president of the IACC. “Our aim is simple: To identify, disrupt, and dismantle these criminal enterprises and deny them access to the international financial system.” In addition to MoneyGram, the IACC’s portal program includes some of the largest multinational brands and leading financial companies.