BrandShield Study Reveals Increase In Cyber Banking Fraud

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BrandShield Systems plc, a leading provider of cybersecurity solutions for brand oriented digital risk protection, announces new data demonstrating the rise in rogue websites attempting to pose as three major UK banks: Barclays, HSBC, and Lloyds.

Since October 2022, BrandShield has leveraged its AI risk protection technology to conduct a study on digital fraud in the financial services sector. Key findings of the research include:

  • 1,599 illegitimate web domain registrations containing ‘Barclays’, ‘HSBC’, or ‘Lloyds’
  • Over 1,000 web domain registrations since the start of 2023
  • Fast-growing issue ofonline fraud related to HSBC, with the number of rogue websites impersonating the bank increasing 113% between April 2023 and May 2023
  • Cybercriminals continue to pose as major UK banks on leading social media platforms

BrandShield’s in-depth study reveals that HSBC, in particular, is a popular impersonation for cybercriminals looking to steal consumers’ personal and financial data, with over 800 domain registrations containing the institution’s name detected during the period.

The research also found that social media platforms remain popular avenues for malicious actors to pose as top UK banks. According to BrandShield’s report, cybercriminals are creating increasingly sophisticated fake Facebook and Instagram profiles to try and exploit consumers.

Yoav Keren, Chief Executive Officer of BrandShield, commented:

“Financial Services represents a highly attractive growth market for BrandShield, which has been further reinforced by our most recent research demonstrating a growing trend in cybercriminals and fraudsters masquerading as official websites to deceive individuals and gain access to consumer bank accounts.

Also Read: The Role of AI in Enhanced Beneficial Ownership Structures

Not only have we detected a rise in phoney websites and social media pages, but with the rapid evolution of AI and the growing accessibility of generative AI tools, these scams are now more sophisticated and complex, which is all the more concerning given banking is becoming increasingly digitalised.

In the context of the cost-of-living crisis, where financial security is paramount, we are urging individuals to remain cautious and vigilant when online.”

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

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