MoneyGram has inked an agreement to participate in International AntiCounterfeiting Coalition’s (IACC) Payment Processor Portal Program, to prevent dishonest merchants from marketing duplicate goods.
The program is designed to provide a system for intellectual property rights-holders to report the illegal sale of counterfeit products.
Following completion of verification by the IACC, a third-party monitoring agent alerts affected payment processors including credit card and money transfer companies, to ensure the illegal trader no longer accepts payments through the channels.
MoneyGram global security and investigations vice president Pete Caddigan said the collaboration with IACC will help the company to safeguard its customers from payment fraud as well as assist them to avoid purchasing counterfeit goods.
The IACC’s portal program includes some of the largest multinational brands and financial companies, besides MoneyGram.
More than 1,200 counterfeit merchants have been immobilized to date by the IACC and program members, the company said in a statement.
MoneyGram International offers global money transfers, money orders and payment processing systems for financial institutions and retail customers, through 293,000 global money transfer agent locations in 197 nations and territories.