LONDON, UK: BrandShield Systems announced 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.”