By Maureen Googoo and Brian Henderson

        In New York City, it is still possible to look filthy rich at a fraction of the cost -- if you know where to shop.

Sidewalk vendors on Canal Street whisper to passersby, promising handbags by Louis Vuitton, Dolce and Gabbana, Chloe and Coach on the cheap. The knockoff clutches and purses lining their tables cost from $15 to $45, a far cry from the prices of authentic merchandise, some of which can set shoppers back $250 or more.          

Near other tourist hot spots on Fifth Avenue and Battery Park, the scene is the same: eager hucksters trying to make a buck selling replicas of trademarked designs to shoppers all too willing to buy.

Searching for knockoff luxury handbags in Manhattan is fun and challenging for Cheryl Knockwood, who frequently travels to the city to find such deals. "The primary appeal is that it's such a great imitation, especially if you don't know much about the real thing,

at such a drastically lower price," said Knockwood, who lives in New Brunswick, Canada. "You can walk around with the look for such a cheaper price."

Knockwood has learned what to look for when searching for counterfeit merchandise -- vendors with large black bags camped around tourist attractions. She also learned how to haggle on Chinatown's Canal Street, a major center for buying and selling these items.

Despite the readily available counterfeit merchandise available on New York City streets for frugal shoppers like Knockwood who want to look rich, the International Chamber of Commerce recently ranked the United States as the best protector of intellectual property in the world. China and Russia ranked last, the worst countries with limited laws and initiatives to protect brand names. The ranking, released last month in Geneva, Switzerland, was part of the Chamber's first annual global survey on the scope of counterfeiting and piracy.

"Even though the U.S. has a lot of problems, there is a very strong legislative framework," said Emily O'Connor, a policy adviser with the ICC. "There's a lot of resources being devoted to enforcement, and the public is pretty aware of the issue."

Companies that sell genuine designer merchandise like handbags argue that their brands are being diluted or devalued when cheap imitations are sold on street corners, said O'Connor, when reached via phone at her office in Paris, France.

"If you're [selling] a very high-end luxury good, part of what you're selling is an image whereby the people who use your good are very high-end people," O'Connor said. "So, if your goods start showing up in degraded circumstances, it's almost like the goods go slumming."

E. Hainey, who runs a New York City-based blog called What's Haute, admits she once bought a knockoff handbag and umbrella while strolling along Canal Street 10 years ago. But now she owns only authentic luxury handbags, shoes and apparel with from such brand-name designers as Gucci, Versace, Louis Vuitton, Coach and Marc Jacobs.

"I read an article recently in a fashion magazine ... about young Chinese girls living in factories and illegally making replica handbags," said Hainey, who responded to NYC24.org via email. "Also, I've read before that counterfeit goods were funding illegals, weapons and such."

Anyone can look rich and fashionable, though, without resorting to buying knockoffs, she said.

"There are plenty of great shops with affordable prices," Hainey said. "You don't have to wear only luxury designer goods to look great."

New York shops like Zara and Century 21 are a "fashionista's gold mine," she added.

Hainey also encourages the fashion conscious to save up "for a few major splurges throughout the year, like an authentic bag you've been eyeing that you know you'll carry for a number of years."

"High-fashion should be an investment and a complement to your existing wardrobe," she said.