Annual Pharma Fraud Report
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 Yoav Keren, CEO
|
+44 (0)20 3143 8300 |
|
Spark Advisory Partners Limited (Nominated Adviser) Neil Baldwin / Andrew Emmott / James Keeshan
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+44 (0)20 3368 3554 |
|
Shore Capital (Broker) Toby Gibbs / James Thomas / Rachel Goldstein (Corporate Advisory) Henry Willcocks (Corporate Broking)
Vigo Consulting (Financial Public Relations) Jeremy Garcia / Kendall Hill brandshield@vigoconsulting.com
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+44 (0)20 7408 4090
+44 (0)20 7390 0237
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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/.
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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