MyShield is an innovative decentralized anti-scam platform. MyShield will alert users whenever they reach a fraudulent website, an online counterfeit sale, and other types of online scams. MyShield is aiming to bring trust to the e-commerce and online market where the costs of counterfeiting and piracy is estimated to reach $2.81 trillion in 2022. At first, MyShield will focus on the cryptocurrency industry, which is flooded with phishing, fraud, brandjacking, etc. MyShield will provide users alerts against scams and Crypto-transaction validations. The MyShield model is based on two sources of intelligence – reports on potential scam by users of MyShield shared with the community, and providers of AI powered cyber-intelligence. The information from both sources will be recorded on the MyShield blockchain, which will be launched on an existing blockchain and will be used as the source for the alerts and validations.
The MyShield platform will bring together different stakeholders into one ecosystem – these stakeholders include users, companies, AI-powered cyber intelligence providers, guarantee providers and enforcement services providers. The MyShield platform will leverage the robust technology of BrandShield, for monitoring the Internet and analyzing the potential risk of different online threats. BrandShield’s technology is currently being used by top global brands to protect them from online scams. BrandShield will be the first, of potentially many, providers of AI powered cyber intelligence to the MyShield platform.
Background. The growth and development of the Internet has created new risks. These risks include cases of fraud, phishing, counterfeits, violation of intellectual property rights, exploiting of brand names, impersonations, identity theft, imitations, slander, misleading of customers, etc. Online “scam” is a general term representing multiple methods of using digital mediums for fraud, phishing, counterfeit sales etc.
The damage from counterfeit and pirated goods. The problem is accelerating due to other concurrent changes in the Internet arena, including the increase in traditional cyber security threats, the introduction of new generic Top Level Domains, the evolution of online marketplaces such as AliBaba and Amazon, and more.
Scams in the cryptocurrency ecosystem. The rapid growth of the cryptocurrency industry has reached millions of people who are new to the industry and therefore more vulnerable to online cryptocurrency scams. As shown in the figure below, the number of blockchain wallets issued has gone up dramatically hand-in-hand with the growing number of new users joining the cryptocurrency space.
Scams’ effect on the cryptocurrency users. Every fraud incident has a ripple effect on the lack of trust in the market. As “trust” is a quality that is hard to “achieve” and yet very easy to “lose”, when lack of trust reaches a tipping point the inherent risk and danger to the nascent cryptocurrency ecosystem could be catastrophic. Evidence of a steady march towards such a mounting crisis and tipping point in the lack of trust is beginning to show up. The graph below, taken from Google Trends shows an alarming rise in the number of Google users searching for the term “Cryptocurrency Scams”.
The MyShield decentralized anti-scam platform, intends to enable users to perform their day-to-day online transactions with full confidence. The MyShield platform, which is based on a pending patent, will include the MyShield application, MyShield blockchain (which will be launched on an existing blockchain), AI powered Cyber Intelligence Providers, Enforcement services Providers, Guarantee providers, MyShield bounties and the MyShield Trust Stamp. The ecosystem will also include end-users of the application, as well as companies and organizations who are looking to protect their brand, website, investment and clients.