2023-04-21 10:38:18 ET
E-commerce giant %Amazon () has launched a new program to %TrackCounterfeitGoods as it moves to crackdown on organized crime using its platform.
Amazon’s Anti-Counterfeiting Exchange ( %ACX ) is an initiative aimed at helping retailers label and track counterfeit items, the company said in a news release.
Amazon and other online retailers have struggled to keep counterfeiters from using their platforms to sell fake merchandise to both businesses and consumers.
The new program employed by Amazon is similar to the one used by the credit card industry to identify fraudulent transactions and track the movements of scammers.
Sellers on Amazon can anonymously provide information that flags counterfeiters or use the new exchange to avoid doing business with bad actors and criminals who are listed on it.
Seattle-based Amazon piloted the anti-counterfeiting initiative in 2021 with an undisclosed number of apparel, home goods and cosmetics retailers, where counterfeiting is common.
Amazon said it is now working with the U.S. Customs and Border Protection agency on a pilot project that helps it to identify and target low-value e-commerce shipments that may contain counterfeit goods.
Amazon’s stock has declined 30% in the last 12 months to trade at $103.81 U.S. per share.