MoneyGram and the International AntiCounterfeiting Coalition (IACC) have joined forces to protect consumers from retail scams by participating in the IACC Payment Processor Portal Program, which is aimed at preventing 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.
Counterfeiters use MoneyGram and other payment processors as a sign of legitimacy to trick 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.
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