BrandShield removes 850 Rogue Online Pharmacies and 14,000 Fraudulent Drug Listings on Marketplaces Over Last 12 Months 

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BrandShield removes 850 Rogue Online Pharmacies and 14,000 Fraudulent Drug Listings on Marketplaces Over Last 12 Months 

  • BrandShield partnered with the Pharmaceutical Security Institute and uncovered more than 850 rogue pharmacies, 14,000 fraudulent marketplace listings, and 4,000 social media posts 

NEW YORK, NY (March 10, 2022) — BrandShield (LSE: BRSD), together with the Pharmaceutical Security Institute, announced its findings following a disruption program carried out from December 2020 to November 2021, 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 medicines relating to cancer, diabetes, asthma, Covid-19, and Alzheimer’s, among others. Between December 2020 and November 2021, the cybersecurity firm analyzed and removed several rogue pharmacies. 

“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,” said Yoav Keren, co-founder and CEO of BrandShield. “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.”

Over the 12-month period, BrandShield took down over 850 rogue pharmacies across websites and social media and more than 14,000 fraudulent marketplace listings, removing a minimum estimated value of $1.8 million (U.S.) of counterfeits.

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 2x 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)

“BrandShield was a natural selection as a vendor for us thanks to their proven takedown capabilities. They expeditiously neutralized growing threats, especially across platforms and in regions where patients are most vulnerable,” said C. Todd Ratcliffe, President and CEO of the Pharmaceutical Security Institute. “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 minimize the risk they pose to public health and patient safety.”

For more information on BrandShield, please visit https://www.brandshield.com/. For questions related to findings in the report, please email [email protected].

 

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, impersonation, counterfeits 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, Swisscom, and the Pharmaceutical Security Institute. BrandShield is listed on the London Stock Exchange AIM under the ticker symbol BRSD. 

 

About Pharmaceutical Security Institute

Pharmaceutical Security Institute (PSI) 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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