Amazon steps up reporting of bad actors selling fakes
Bad actors, more than ever before, are on Amazon's radar.
Bad actors selling fakes on Amazon better watch their backs.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 173.67 | -2.92 | -1.65% |
The e-commerce giant is going to be getting even tougher on how it polices and reports individuals who sell fakes on the site, according to Reuters.
Brand names such as Apple, Nike and Vera Bradley are among the many companies that have see knock-offs fly off the site into the hands of eager buyers.
Now, building on its current program, Amazon will increase the frequency it notifies both U.S. Federal Authorities and European law enforcement each time it confirms, after thorough due diligence, that a counterfeit item is sold on the site, Reuters reported according to "a person, who spoke on condition of anonymity."
CLICK HERE TO READ MORE ON FOX BUSINESS
By increasing the frequency, Amazon hopes to aid law enforcement in cracking down on these individuals by providing their names, product information and addresses with the end goal of cracking down on hardcore criminals in this industry.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 169.89 | +0.87 | +0.51% |
| NKE | NIKE INC. | 93.94 | -0.70 | -0.74% |
| VRA | VERA BRADLEY INC. | 6.68 | -0.13 | -1.91% |
Amazon has attempted to address the longstanding problem in the past. Take handbag maker Vera Bradley for example. Amazon partnered with the company, as reported by Geekwire, along with OtterBox which makes high-end phone cases, to pursue litigation against sellers peddling fakes.
In December, the Wall Street Journal reported that the United States Trade Office was considering adding some of Amazon's overseas operations to its list of 'Notorious Market's' which names companies or marketplaces known for peddling counterfeits. The move would be considered a "public shaming" of the e-commerce giant the Journal noted.
Counterfeits cost the U.S. economy upwards of $600 billion annually, according to various reports.
Amazon declined to comment on the Reuters story.
