Category: Memcyco

Memcyco Inc., a provider of digital trust technology designed to protect companies and their customers from digital impersonation fraud, released its inaugural 2024 State of Digital Impersonation Fraud Resilience report. Notably, Memcyco’s research indicates that the majority of companies do not have adequate solutions to counter digital impersonation fraud and that most only learn about attacks from their customers.

More than half of all respondents (53%) said their existing cybersecurity solutions do not effectively address website impersonation attacks, and 41% said their existing solutions only protect them and their customers “partially.” Just 6% of brands claimed to have a solution that effectively addresses these attacks, despite 87% of companies recognizing website impersonation as a major issue and 69% admitting to having had these attacks carried out against their own website.

Fake websites dupe users into sharing their login credentials on unauthorized pages, leaving them vulnerable to account takeover (ATO) attacks. This growing problem has earned cybercriminals an astonishing $1 billion+ in 2023 alone, according to data from the U.S. Federal Trade Commission. That’s more than three times the amount reported stolen in 2020. 

The report found that 72% of companies have a monitoring system to detect fake versions of their website, but still, 66% said that they primarily only learn about digital impersonation attacks when they are flagged by customers. 37% of respondents learn about such attacks as a result of “brand shaming” by impacted customers on social media.

The inability to adequately protect against digital impersonation fraud raises questions about companies’ responsibility to reimburse their customers for any losses stemming from scams. 48% of survey respondents are aware that upcoming regulations are likely to enforce customer reimbursements, making effective protection against digital impersonation fraud a ‘must-have’ for avoiding revenue loss.

“One of the most alarming takeaways from the report is that website impersonation scams are growing because cybercriminals rely on companies having limited visibility into these kinds of attacks,” said Israel Mazin, Chairman and CEO of Memcyco. “This creates a glaring blindspot in cybersecurity — the inability of companies to protect their customers online.”

The State of Digital Impersonation Fraud Resilience report was conducted together with Global Surveyz Research, based on the responses of 200 full-time employees ranging from Director to C-level executives at organizations in the security, fraud, digital, and web industries, operating transactional websites with traffic of more than 10,000 monthly visits.

Memcyco’s solution suite addresses the rising tide of website impersonation scams by using real-time alerts to secure end-users on every website visit and provides organizations with unparalleled insights into the scope and impact of all attacks on their sites. 

The full report can be found here.

About Memcyco

Memcyco offers a suite of AI-based, real-time digital risk protection solutions for combating website impersonation scams, protecting companies and their customers from the moment a fake site goes live until it is taken down. Memcyco’s groundbreaking external threat intelligence platform provides companies with complete visibility into the attack, attacker, and each individual victim, helping to prevent ATO fraud, ransomware attacks, and data breaches before they occur. Memcyco’s “nano defender” technology detects, protects, and responds to attacks as they unfold, securing tens of millions of customer accounts worldwide and reducing the negative impact of attacks on workload, compliance, customer churn, and reputation.

About Global Surveyz

Global Surveyz is a global research company that provides survey reports as-a-service, covering the whole process of creating an insightful and impactful B2B or B2C report for any target market. Global Surveyz was established in 2020 by Ramel Levin.

The post Memcyco Report Reveals Only 6% Of Brands Can Protect Their Customers From Digital Impersonation Fraud appeared first on Cybersecurity Insiders.

Memcyco Inc, the real-time digital impersonation detection and prevention solution provider, and Deloitte, the leading consulting, advisory, and audit services firm, today announced their strategic partnership in the cybersecurity sector. The partnership enables Deloitte to extend this range of solutions offering customers Memcyco’s industry-leading anti-impersonation software. The solutions will be offered globally in regions such as the EMEA, LATAM, USA, and others.

Deloitte and Memcyco’s pivotal collaboration combines the former’s consulting expertise with the latter’s cutting-edge platform for detecting and preventing digital impersonation fraud in real time. This alliance will elevate fraud prevention to a new level, helping government organizations, enterprises, and brands protect themselves from damage and safeguard their reputations from being tarnished through attacks that use phishing sites to target their customers. 

By virtue of their partnership, Memcyco and Deloitte will leverage additional solutions related to integration and cooperation, such as Deloitte’s Strategic & Reputation Risk Services. This multidisciplinary synergy ensures a holistic response to threats, capitalizing on each organization’s area of expertise and accumulated experience, thus offering more robust and complete solutions to clients.

Memcyco provides a platform for real-time detection, protection, and response to online impersonation attacks, whereby malicious actors use phishing, smishing, and other techniques to direct customers to fake pages that look and feel much like the real thing. These attacks trick users into giving up their personal data, such as login credentials and credit card information, which is subsequently used for ATO (account takeover) and other online attacks, leading to data breaches, theft of funds, and ransomware.

Unlike other solutions, Memcyco is singularly able to safeguard the “window of exposure” between when a fake website goes live and when the attacker attempts to use stolen data to access company web pages, using real-time alerts to warn users not to trust the spoofed site, as well as tracking attacker and victim activity. Addressing this window is crucial for organizations to be able to protect themselves from data breaches, financial losses, and reputational damage while protecting their customers from identity theft and financial harm. 

Memcyco also provides organizations with full insight into attacks, including a list of all victims. This data not only gives the organization improved visibility, but also helps risk engines to predict fraud more accurately, thereby significantly decreasing remediation costs.

“Memcyco is delighted to build a partnership with Deloitte due to its dedicated team, expertise, and innovation capabilities,” said Israel Mazin, CEO of Memcyco. “Our shared commitment to empowering organizations to make informed decisions about their cybersecurity strategy is at the heart of our collaboration. In the long term, this partnership will pave the way for organizations of all sizes to mitigate impersonation and brandjacking attacks and to gain more trust from their customers.” 

Memcyco will showcase its solutions at the third annual Deloitte Cyber iCON event in Spain on Jan 23, 2024. Cyber iCON allows businesses to gain first-hand knowledge about the most prevalent and sophisticated cyber threats they face today. Attendees will be able to learn about the latest strategies and countermeasures they can employ to safeguard themselves against advanced threats via real-world, interactive scenarios. Memcyco’s representatives will join Deloitte’s experts on-stage to discuss the dangers presented by digital impersonation and to introduce businesses to their comprehensive solution for mitigating such risks. Memcyco will also participate in a joint panel discussion and presentation alongside Deloitte’s expert cybersecurity consultants. 

About Memcyco

Memcyco provides real-time digital impersonation detection, protection and response solutions to companies and their customers. Their real-time, agentless solutions are unique in fully safeguarding the critical “window of exposure” between when a fake site goes live and when an attacker attempts to use stolen data to access company web-pages. Memcyco alerts users who visit fake sites and gives organizations complete visibility into the attack, allowing them to take remediating actions. Led by industry veterans, Memcyco is committed to ensuring the security and digital trust of its customers – and of their customers. For more information, visit www.memcyco.com/.

About Deloitte

Deloitte has contributed to the development of business organizations and society during its more than 175 years of history. Faced with a constantly evolving reality, it has established itself as the advisor of reference for the transformation of large national and multinational companies using a multidisciplinary approach based on excellence, technological innovation and the continuous development of the talent of its professionals, maintaining its position as a leading professional services firm. The organization has strengthened its position by impacting clients, communities and people through the Make an impact that matters initiative, which is implemented in social action programs -WorldClass-, action against climate change -WorldClimate-, and its ALL IN diversity and inclusion strategy. Globally, the firm is present in more than 150 countries, where more than 345,000 professionals work. Learn more at: www.deloitte.com/.

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Website impersonation is getting more rampant. A 2021 study found that on average, companies across various industries face nearly 1,100 spoofed domain threats per year. Moreover, Statista research shows that several of the world’s leading ecommerce websites, including Amazon, eBay, and Alibaba, have over 4,000 impersonating domains that simulate their website, appear legitimate, and harvest personal data from users unknowingly.

Also known as brandjacking, website impersonation is a serious issue that goes far beyond brand reputation; it directly affects customers, who can easily fall victim to fraud schemes, costing themselves, and the brands, billions of dollars. 

With the increasingly sophisticated nature of fraud and the technology being used to carry it out, it has now become a matter of “when” rather than of “if” a brand’s website will be spoofed. Brands that do not prioritize putting effective cybersecurity measures in place to protect their customers from fraud are risking their entire customer-base’s trust, and significant financial losses. This is especially true for the banking and financial industries, which are now being held responsible for reimbursing fraud victims in the UK. 

In the battle against digital fraud, Memcyco, a Tel Aviv-based company, is helping brands protect their digital properties – namely, their websites – from impersonation. Founded in 2021 by Israel Mazin, Eli Mashiah, Ori Mazin, and Gideon Hazam – all experienced startup founders in the cybersecurity space – Memcyco developed a technology called Proof of Source Authenticity (POSA)™,  which delivers real-time protection against website spoofing for brands and their customers. 

The POSA™ Multi-Layered Platform

Built on the POSA™ technology, Memcyco’s solution is a multi-layered detection, alerting, and prevention system for brandjacking that also offers a digital watermark for brands to display on their website for customers to recognize its authenticity. 

The first layer is an advanced detection system designed to identify attacks in real time before any damage is incurred. It does this by using AI and machine learning to analyze user traffic and patterns of suspicious activity associated with a specific device or user. For example, it provides multiple credential attempt detection, password brute force detection, and access to the site through an unknown work environment and reverse engineering detection. 

Source: Memcyco

The second layer of defense is complete, real-time visibility. In an attempted attack session, Memcyco sends full details of the attack to brands, including the identity of the user and attack location, enabling security teams to take immediate action. Simultaneously, customers that enter the spoofed site receive a Red Alert that warns them of fraudulent activity and to not trust the site.

The third layer is a digital watermark in the form of a randomly generated, unforgeable code that informs customers that they are visiting a genuine website (while at the same time maintaining user privacy). Customers can personalize the code and its associated image, which is displayed on the side of the website, to their preferences.

Let’s take a closer look at POSA’s™ multi-protection platform. 

How Memcyco Addresses the Window of Exposure

The advanced detection and protection system alerts brands in real time if their website has been spoofed, enabling SOC teams to act immediately to prevent damage. If a site is spoofed, Memcyco displays a Red Alert to customers when they enter the site, warning them not to proceed or enter any personal information. Users see the Red Alert until the site is taken down, which Memcyco can also assist with.

Memcyco’s real-time approach is critical because takedown processes can take weeks, with organizations filing with domain registrars and having to prove that the site is indeed fraudulent. By the time the fraudulent site is taken down, the damage has already been done. By keeping users constantly deterred by the Red Alerts, Memcyco addresses this critical time window in which customers are the most exposed to fraudulent attacks.

Non-real time solutions to website impersonation often provide lists of suspicious domains attackers are using, which can actually grant them more time to outsmart detection if they move to execute the same attack from a different domain. Memcyco takes a more proactive approach by implementing imposter profiling, which details information about attackers to identify them quickly if they decide to attack again. 

Here’s an example of a Red Alert for an impersonated website: 

Source: Memcyco

The system provides the details of all end-users exposed to the attack and the profiles of the attackers. This is critical information for security and risk teams to give both an understanding of the scope of the attack and the type of attack they are dealing with. 

A Digital Watermark to Recognize Website Authenticity

The other layer of the Memcyco solution is the digital watermark, which gives customers a positive confirmation of a brand’s authority and legitimacy of its website, promoting trust. The POSA™ watermark educates users quickly on the importance of being watchful of suspicious activity – for example, websites which do not display a watermark – without the need for any formal user education. 

While customizable by the end user, the watermarks require no installation or registration. In addition, partner sites can use the watermark, helping organizations better defend themselves against attacks from unauthorized third parties. 

Here’s an example of a watermark that communicates the authenticity of a website without any disruption to the user experience: 

Source: Memcyco 

Minimizing the Damages Associated with Digital Fraud

Memcyo’s POSA™ solution is built for brands to foster a positive, easy-to-use experience that promotes digital trust. As an agentless solution, no downloading or registration is required by the end user. Deployment begins automatically after adding a few lines of code to a brand’s website.

Along with delivering a positive user experience, POSA™ also provides risk and digital business teams contextual alerts of attacks on their brand in real time, eliminating false positives that traditionally overwhelm teams and lead to alert fatigue.

With POSA™, Memcyco addresses the needs of security and risk teams, helping them lower fraud remediation costs, reduce risk, and resolve customer-facing incidents quickly. If you’re a customer-facing brand looking to communicate to users the authenticity of your website, you might want to check it out.

The post How Memcyco Battles Brandjacking with a Multi-Layered Defense appeared first on Cybersecurity Insiders.

TEL AVIV, Israel, May 24, 2023 — Memcyco, the real-time website impersonation detection and prevention solution, has completed a $10 million seed round led by Capri Ventures and Venture Guides. 

Brandjacking is among the most common forms of cyberattacks globally. Twenty percent of consumers collectively lost more than $2.6 billion in 2022 due to imposter scams, according to U.S. FTC Consumer Sentinel Network’s data book. Website impersonation (also known as “brandjacking”) draws users to fraudulent copies of a brand’s website to trick them into revealing personal and financial account information used to steal their identities and funds. 

Memcyco counters these assaults with an agentless Proof of Source Authenticity (PoSA™) technology that delivers Zero Day protection and real-time detection, helping to identify the attacks at the point of impact. PoSA™ provides the brands with full details of the attempted attack session to ensure complete visibility. It is also the first technology that issues a Red Alert to the brand’s users when they navigate to the spoofed website. PoSA™ uses artificial intelligence to study behavioral patterns in order to identify and alert organizations when irregular activity occurs.  

PoSA™ also includes a digital watermark displayed on the brand’s actual website that reassures customers of the website’s authenticity. Brands can easily integrate the watermark into their website and allow their users to customize it with their own secret, so that it is instantly recognizable and impossible to forge. This cultivates a secure environment and affinity for the brands’ customers, promoting digital trust. 

Memcyco is minimizing the cost of damages to both brands and their customers, reducing user education efforts, decreasing the snowball effect that prevents users from interacting with digital properties, and boosting brand reputation and trust among end users.

“At Memcyco, we have introduced a new paradigm for preventing website impersonation by providing multiple layers of protection for companies and their customers,” said Israel Mazin, CEO and co-founder of Memcyco. “This investment from such experienced leaders in cyber security delivers a strong vote of confidence in Memcyco’s ability to deliver a more secure and trustworthy digital ecosystem.”

“Everyone knows someone who has fallen victim to a phishing-based brandjacking scam,” said Alex Pinchev, Founder and Managing Partner at Capri Ventures. “Memcyco is the first company to provide a real-time solution to that problem, while existing approaches are mostly after-the-fact and leave organizations not knowing which users fell victim to the attack.”

“Memcyco’s leadership team is fully committed to protecting banks, eCommerce and other customers whose businesses depend on the trust and goodwill of their customers. We believe they will build the company to become the leading innovator in digital trust.” added Ben Nye, Managing Partner at Venture Guides.

About Memcyco

Memcyco was founded to create a world in which users can confidently interact with businesses online, and scammers are deterred from impersonating brands. Its real-time digital brandjacking protection solution helps brands counter impersonation fraud and its associated damage to businesses and their customers. Memcyco is trusted by leaders in financial services, eCommerce and other industries. 

Media contact:

avi@inboundjunction.com
Avi Krupman

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