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Cryptocurrency Cybersecurity North America

Coinmama Partners with BrandShield to Increase Crypto Investor Safety

BrandShield, an online threat hunting company, and Coinmama, a cryptocurrency exchange platform, announced results from a recent partnership that leveraged BrandShield’s specialisation in monitoring, detecting, and removing online threats to ensure the safety of investors on Coinmama’s exchange. 

By 2030, the global cryptocurrency market is anticipated to be worth $4.94B – more than tripling its $1.49B valuation in 2020. Still, ambiguous regulations pertaining to cryptocurrency and the digital nature of the industry have prompted bad actors to target the space with increasing intensity. Between October 2020 and April 2021, Americans alone reported $80M in losses due to cryptocurrency-related cybercrime. 

“Cybercriminals follow the money, and money is moving into crypto faster than ever,” explained Coinmama Co-Founder Laurence Newman. “With its growing popularity, we want people to feel they can confidently and safely buy bitcoin and other cryptocurrencies at Coinmama, without 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.”

Coinmama has been onboarding people to cryptocurrency since 2013 and is trusted by more than 3M globally. As a result of its massive brand recognition and long-standing reputation as a leader in the industry, there are attempts to profit from its brand without permission and gain false authority.

“There is a huge rise in fraud attempts targeting crypto companies and online crypto communities. Companies should protect their endeavours and their customers’ safety and privacy,” said Yoav Keren, CEO of BrandShield. ‘Our partnership with Coinmama helps ensure the safety of the broader crypto ecosystem while protecting the reputation of the brand, as well as its employees and customers from those who wish to do them harm.”

When Coinmama approached BrandShield to combat online brand infringements, BrandShield immediately began mapping fraudulent incidents across Facebook and LinkedIn, fake websites, and mobile apps. BrandShield deployed its AI/ML to identify suspicious listings and swiftly remove instances of online fraud. The BrandShield enforcement team successfully took down threats with unprecedented success, including 30 phishing sites and over 100 fraudulent sites.

“Our analysis of cryptocurrencies and trading platforms shows the industry has become dependent on online communities and social platforms, and are an increasingly popular target of cybercriminals and fraud,” concludedKeren. “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 without putting their personal and financial information at risk.”

Author

  • Polly is a journalist, content creator and general opinion holder from North Wales. She has written for a number of publications, usually hovering around the topics of fintech, tech, lifestyle and body positivity.

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