Study Reveals Surge in Banking Cyber Fraud

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 Yoav Keren, CEO	[phone]
Spark Advisory Partners Limited (Nominated Adviser) Neil Baldwin / Andrew Emmott / James Keeshan	[phone]
Shore Capital (Joint Broker) Toby Gibbs / James Thomas / Rachel Goldstein (Corporate Advisory) Henry Willcocks (Corporate Broking)	[phone]
Vigo Consulting (Financial Public Relations) Jeremy Garcia / Kendall Hill / Peter Jacob [e-mail]	[phone]

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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