RCS - Brandshield Systems - Study Reveals Surge in Banking Cyber Fraud

Brandshield SystemsAnnouncement

07/08/2023 13:00

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RNS Number : 4944I  Brandshield Systems PLC  07 August 2023

7 August 2023

 

BrandShield Systems plc

 

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

 

BrandShield Study Reveals Surge in Banking Cyber Fraud

 

BrandShield Identifies Over 1,500 Web Domain Registrations Relating to Leading
UK Banks, with HSBC a Key Target for Cybercriminals

 

BrandShield Systems plc (AIM: BRSD), a leading provider of cybersecurity
solutions for brand oriented digital risk protection, announces new data
demonstrating the rise in rogue websites attempting to pose as three major UK
banks: Barclays, HSBC, and Lloyds.

 

Since October 2022, BrandShield has leveraged its AI risk protection
technology to conduct a study on digital fraud in the financial services
sector. Key findings of the research include:

 

·    1,599 illegitimate web domain registrations containing 'Barclays',
'HSBC', or 'Lloyds'

·    Over 1,000 web domain registrations since the start of 2023

·    Fast-growing issue of online fraud related to HSBC, with the number
of rogue websites impersonating the bank increasing 113% between April 2023
and May 2023

·      Cybercriminals continue to pose as major UK banks on leading
social media platforms

 

BrandShield's in-depth study reveals that HSBC, in particular, is a popular
impersonation for cybercriminals looking to steal consumers' personal and
financial data, with over 800 domain registrations containing the
institution's name detected during the period.

 

The research also found that social media platforms remain popular avenues for
malicious actors to pose as top UK banks. According to BrandShield's report,
cybercriminals are creating increasingly sophisticated fake Facebook and
Instagram profiles to try and exploit consumers.

 

Yoav Keren, Chief Executive Officer of BrandShield, commented:

 

"Financial Services represents a highly attractive growth market for
BrandShield, which has been further reinforced by our most recent research
demonstrating a growing trend in cybercriminals and fraudsters masquerading as
official websites to deceive individuals and gain access to consumer bank
accounts.

 

Not only have we detected a rise in phoney websites and social media pages,
but with the rapid evolution of AI and the growing accessibility of generative
AI tools, these scams are now more sophisticated and complex, which is all
the more concerning given banking is becoming increasingly digitalised

 

In the context of the cost-of-living crisis, where financial security is
paramount, we are urging individuals to remain cautious and vigilant when
online."

 

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 / Rachel Goldstein (Corporate Advisory)

 Henry Willcocks (Corporate Broking)

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

 Jeremy Garcia / Kendall Hill / Peter Jacob

 brandshield@vigoconsulting.com

 

About BrandShield

Brandshield is a provider of cybersecurity solutions from brand protection to
online threat hunting. BrandShield detects online threats and takes them down.
The Company's client base is a growing list of organisations including Fortune
500 and FTSE100 companies. By utilising AI and big-data analysis, BrandShield
monitors, detects, and removes online threats facing companies. These threats
include social phishing, executive impersonation, fraud, brand abuse, and
counterfeits.

 

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