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17 Dec 2021 07:00
17 December 2021
BrandShield Systems plc
("BrandShield," the "Company," or the "Group")
Partnership with Coinmama
BrandShield successfully detects and removes over 100 fraudulent
sites for world's leading cryptocurrency exchange
BrandShield Systems plc (AIM: BRSD), a leading provider of cybersecurity solutions from brand protection to online threat hunting, is pleased to provide an update regarding its successful partnership with Coinmama, the leading cryptocurrency exchange, in protecting the brand's reputation and its customers.
Coinmama has over three million users globally and this significant reach is coupled with strong brand recognition and a longstanding reputation as the leading cryptocurrency exchange worldwide. This has resulted in a proliferation of attacks from cybercriminals looking to profit from using its brand without permission and gaining false authority.
BrandShield was briefed by Coinmama to identify and prevent online brand infringements. The Company began by mapping fraudulent incidents across social media platforms such as Facebook and LinkedIn, fake websites and mobile apps. BrandShield deployed its AI/ML to identify suspicious listings and immediately began removing instances of online fraud. The BrandShield enforcement team successfully took down threats with unprecedented success, including the removal of 30 phishing sites and over 100 fraudulent sites.
The global cryptocurrency market continues to grow and is anticipated to be worth over $4.9 billion by 2030. However, regulations within the industry are ambiguous and the digital nature of cryptocurrency lends itself to cybercrime. US citizens alone reported around $80 million in losses due to crypto-currency related cybercrime between October 2020 and April 2021.
Yoav Keren, Chief Executive Officer of BrandShield, commented:
"The success of our partnership with Coinmama resulted from our unique capabilities within the online fraud and phishing space and we are pleased to have made such a marked difference through the deployment of our technologies.
"We are keen to partner with leading financial exchanges like Coimmama to ensure the safety of the ecosystem and protect both the companies and investors who want to buy and sell cryptocurrencies. This is an ever-growing space and presents a significant opportunity for BrandShield."
Laurence Newman, Co-Founder of Coinmama, added:
"Cybercriminals follow money, and money is moving into crypto faster than ever. With its growing popularity, we want people to feel they can confidently and safely buy bitcoin and other cryptocurrencies at Coinmama, without the fear of being defrauded. With its ability to detect and remove online threats, BrandShield was a natural choice to help us overcome fraudsters and criminals impersonating our brand."
Enquiries:
BrandShield Systems plc Yoav Keren, CEO
| +44 (0)20 3143 8300 |
Spark Advisory Partners Limited (Nominated Adviser) Neil Baldwin / Andrew Emmott / James Keeshan
| +44 (0)20 3368 3554 |
Shore Capital (Joint Broker) Toby Gibbs / James Thomas (Corporate Advisory) Henry Willcocks (Corporate Broking)
| +44 (0)20 7408 4090 |
Tennyson Securities (Joint Broker) Peter Krens
| +44 (0)20 3368 3554 |
Vigo Consulting (Financial Public Relations) Jeremy Garcia / Antonia Pollock brandshield@vigoconsulting.com | +44 (0)20 7390 0237 |
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.
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