BrandShield and Pharmaceutical Security Institute Issue Annual Pharma Fraud Report Showing 434 Rogue Pharmacies and 7,500 Fraudulent Drug Listings Removed

BrandShield (LSE: BRSD), together with the Pharmaceutical Security Institute, announced its annual Pharma Fraud report following a disruption program carried out from January 2022 to January 2023 involving the monitoring, detecting, and removal of online threats.

The new 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 analyzed and removed hundreds of rogue pharmacies.

“Year after year, cybercriminals continue to target consumers using counterfeit listings of potentially life-saving medications,” said Yoav Keren, co-founder and CEO of BrandShield. “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.”

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 yearlong disruption effort revealed that Indonesia had the highest number of fraudulent listings, where more than 2,200 suspicious listings were removed. PSI is currently working with various stakeholders and regulators to formulate a robust and efficient intel sharing platform.

Marketplace Listing Removals by Country

• Indonesia – 2218
• 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 twelve-month period. While 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%

“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,” said C. Todd Ratcliffe, President and CEO of the Pharmaceutical Security Institute. “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.”

For more information on BrandShield, please visit https://www.brandshield.com/. For questions related to findings in the report, please email brandshield@vsc.co .

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 (PSI) 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.

Contact Information

Eric Gonzalez

Media Contact

VSC for BrandShield

brandshield@vsc.co