RCS - Brandshield Systems - Annual Pharma Fraud Report

Brandshield SystemsAnnouncement

31/05/2023 07:00

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RNS Number : 0783B  Brandshield Systems PLC  31 May 2023

31 May 2023

 

BrandShield Systems plc

("BrandShield," the "Company," or the "Group")

 

      BrandShield and Pharmaceutical Security Institute Issue Annual
Pharma Fraud Report

 

     BrandShield successfully removed more than 434 rogue pharmacies

and 7,500 fraudulent drug listings in 2022

 

●      New report published by BrandShield and the Pharmaceutical
Security Institute uncovers illicit drug trade and rogue pharmacies in 2022

●      Indonesia and India continue to be the top source of illegal
pharmaceutical sales and rogue pharmacies

 

BrandShield (AIM: BRSD), a leading provider of cybersecurity solutions for
brand oriented digital risk protection ("DRP"), together with the
Pharmaceutical Security Institute ("PSI"), is pleased to announce its annual
Pharma Fraud report following a disruption programme carried out from January
2022 to January 2023 involving the monitoring, detecting, and removal of
online threats.

 

The report highlights the extent of global criminal fraud targeting both
innocent patients and pharmaceutical companies. The removed listings contained
a variety of medicines relating to various cancers, HIV, and type 2 diabetes
among others. Between January 2022 and January 2023, the cybersecurity firm
analysed and removed hundreds of rogue pharmacies.

 

Over the 12-month period, BrandShield took down more than 7,500 fraudulent
pharmaceutical listings across social media platforms, websites, and
marketplaces, accounting for hundreds of thousands of dollars' worth of
counterfeit drugs.

 

The report uncovered that Indonesia had the highest fraudulent listings, where
more than 2,200 suspicious listings were removed. PSI is currently working
with the various stakeholders and regulators to formulate a robust and
efficient intel sharing platform.

 

Marketplace Listing Removals by Country

 

●      Indonesia - 2,218

●      India - 539

●      China - 190

●      Philippines - 118

●      Mexico - 53

●      Malaysia - 39

●      Venezuela - 30

●      Thailand - 20

●      United States - 16

●      Vietnam - 16

 

Pharma Fraud on Social Media

 

According to BrandShield's analysis, social media platforms were also a top
target for pharmaceutical crime, where over 3,074 fake items were removed over
the same 12-month period. Whilst the least compliant social media site stood
out with only a 55% takedown rate, there was a massive improvement in the
takedown rate overall, which increased by approximately 28% (from 63% to 81%).

 

Breakdown of Takedown Rate by Social Media Platform

 

●      YouTube - 95.8%

●      Facebook - 92%

●      Instagram - 86.7%

●      Pinterest - 67.3%

●      Twitter - 55%

 

Yoav Keren, Chief Executive Officer of BrandShield, commented:

 

"Year after year, cybercriminals continue to target consumers using
counterfeit listings of potentially life-saving medications."

 

"Without adequate enforcement and proactive takedown efforts, fraudsters pose
immense risks to public health. We're incredibly proud of our ongoing
partnership with PSI to ensure consumers remain safe from physical and
financial harm."

 

C. Todd Ratcliffe, President and CEO of the Pharmaceutical Security Institute,
added:

 

"The continued presence of illegal pharmaceutical sales on social media
platforms and other websites underscores the need for ongoing vigilance and
collaboration with key industry stakeholders."

 

"We look forward to continuing our partnership with BrandShield to safeguard
consumers and the broader pharmaceutical industry at large from online threats
and criminal activity."

 

 

Enquiries:

 

 BrandShield Systems plc                                             +44 (0)20 3143 8300

 Yoav Keren, CEO

 Spark Advisory Partners Limited (Nominated Adviser)                 +44 (0)20 3368 3554

 Neil Baldwin / Andrew Emmott / James Keeshan

 Shore Capital (Broker)                                              +44 (0)20 7408 4090

 Toby Gibbs / James Thomas / Rachel Goldstein (Corporate Advisory)

 Henry Willcocks (Corporate Broking)

 Vigo Consulting (Financial Public Relations)

 Jeremy Garcia / Kendall Hill                                        +44 (0)20 7390 0237

 brandshield@vigoconsulting.com

About BrandShield

 

BrandShield is a leading cybersecurity company founded in Israel by
cybersecurity experts that protects the world's largest brands and consumers
from online scams, phishing attacks, impersonation, and other online threats
posed by dangerous cybercriminals. Through its AI/ML platform, BrandShield
identifies, tracks, and eliminates online threats for global brands and
organizations, including Bristol Myers Squibb, Levi's, New Balance, Bang and
Olufsen, The Sandbox, and the Pharmaceutical Security Institute. BrandShield
is listed on the London Stock Exchange AIM under ticker symbol BRSD. To learn
more about BrandShield, please visit the company website at
https://www.brandshield.com/ (https://www.brandshield.com/) .

 

About Pharmaceutical Security Institute

 

Pharmaceutical Security Institute  is a non-profit trade association
comprised of security directors from forty-two international research
pharmaceutical manufacturers. PSI's principal mission is to address the
problem of counterfeiting, illegal diversion, and major theft of
pharmaceutical products to protect patient safety. PSI's principal activities
include the collection, analysis, and dissemination of intelligence related to
these criminal acts globally.

 

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