By: Greg Baxley, Marketing Coordinator
In the digital age where most any consumer can run errands without having to leave the house, the question becomes, what is the true cost for the modern convenience of online shopping?
Counterfeit medical devices have been on the rise for years, being sold online through both legitimate and illicit sellers. Medical products are essential to cure diseases and to save lives. If a medical device cannot achieve its purpose due to counterfeiting, people’s health and lives are put at stake. According to the World Health Organization (WHO), more than 8% of the medical devices in circulation are counterfeit.
Offending products may be assembled from inferior quality components, or even fake parts that could contain toxic materials. In either case the dangers are the same. Counterfeit medical devices pose a significant liability.
– World Health Organization
Counterfeit medical and dental devices are clear restrictions outlined in monitoring program requirements from card schemes. These devices can be imitation, expired, not approved for sale, unregulated, non-sterile or banned by the FDA. Beyond the scope of brand damaging activities and the breach of merchant agreements, the sale and use of these items can cause permanent bodily harm to uneducated consumers. This becomes not just a concern for customers themselves, but also for acquirers whose portfolios could contain merchants peddling unapproved goods. Without proper merchant monitoring solutions, acquiring banks are exposing themselves to regulatory penalties and card scheme fines (for banks), and the loss of sponsor banks (for downstream partners).
G2 Web Services has more than 12 years of experience serving financial institutions, providing expert
services including Persistent Merchant Monitoring, Transaction Laundering Detection, Service Provider Sentinel and Global Boarding. These solutions ensure that clients conduct thorough due diligence at boarding, maintain compliance, mitigate risk, proficiently monitor merchants and keep violators from infiltrating merchant portfolios.