RCS - Brandshield Systems - Pharmaceutical Security Institute Partnership

Brandshield SystemsAnnouncement

11/03/2022 07:00

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RNS Number : 4257E  Brandshield Systems PLC  11 March 2022

11 March 2022

 

BrandShield Systems plc

 

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

 

Partnership with the Pharmaceutical Security Institute

 

BrandShield successfully removes 850 rogue online pharmacies and 14,000

 fraudulent drug listings on marketplaces over last 12 months

 

BrandShield Systems plc (AIM: BRSD), a leading provider of cybersecurity
solutions for brand oriented digital risk protection, is pleased to announce
its findings following a disruption programme that was carried out together
with the Pharmaceutical Security Institute ("PSI") from December 2020 to
November 2021, involving the monitoring, detecting, and removal of online
threats.

 

Over the 12-month period, BrandShield took down over 850 rogue pharmacies
across websites and social media, 4,000 social media posts, and more than
14,000 fraudulent marketplace listings, where a minimum estimated value of
$1.8 million of counterfeits was removed. The report highlights the extent of
global criminal fraud targeting both innocent patients and pharmaceutical
companies.

 

The listings that were removed contained medicines relating to cancer,
diabetes, asthma, Covid-19, and Alzheimer's among others. Between December
2020 and November 2021, BrandShield analysed and removed several rogue
pharmacies.

 

BrandShield's analysis of social media platforms compared reported instances
of pharmaceutical crime to the number of illegal posts removed. The report
looked at marketplaces and online social platforms with over 100 reported fake
listings. A popular social media platform stood out as the least compliant
with only 33% of reported fraud removed, nearly two times less compliant than
the other platforms reviewed. Indonesian marketplaces topped the list with the
most sites removed, followed by India and the Philippines.

 

Marketplace Listing Removals by Country

 

●             Indonesia (13,395)

●             India (566)

●             Philippines (171)

●             Malaysia (135)

●             Singapore (120)

 

Yoav Keren, Chief Executive Officer of BrandShield, commented:

 

"Criminal fraudsters and scammers posing as reputable pharma companies are a
major public health risk for the millions across the globe who are in the
market looking for products to treat a range of life-threatening diseases."

 

"In our work with PSI, we are taking the fight back to not only detect dubious
online sellers but also remove these threats as they happen. Such a proactive
approach ensures that patients are protected from further harm."

 

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

 

"BrandShield was a natural selection as a vendor for us thanks to their proven
takedown capabilities. They expeditiously neutralised growing threats,
especially across platforms and in regions where patients are most vulnerable.

 

"It's clear that criminal counterfeiters and fraudsters are an increasing
threat to our members and their patients, and we're emboldened by
BrandShield's technology and takedown capabilities to minimise the risk they
pose to public health and patient safety."

 

For questions related to findings in the report, please email
brandshield@vsc.co.

 

 

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 (Joint Broker)                         +44 (0)20 7408 4090

 Toby Gibbs / James Thomas (Corporate Advisory)

 Henry Willcocks (Corporate Broking)

 Tennyson Securities (Joint Broker)                   +44 (0)20 3368 3554

 Peter Krens

 Vigo Consulting (Financial Public Relations)         +44 (0)20 7390 0237

 Jeremy Garcia / Antonia Pollock / Kendall Hill

 brandshield@vigoconsulting.com

 

About BrandShield

BrandShield is a leading cybersecurity company founded in Israel by
cybersecurity experts that protect the world's largest brands and consumers
from phishing attacks, online fraud, 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, NewBalance, Swisscom, and the
Pharmaceutical Security Institute. BrandShield is quoted on the London Stock
Exchange AIM under ticker symbol BRSD. To learn more about BrandShield, please
visit the company website at www.BrandShield.com (http://www.BrandShield.com)
.

 

About Pharmaceutical Security Institute

Pharmaceutical Security Institute is a non-profit trade association comprised
of security directors from thirty-nine 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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