Information alert: Memcyco report reveals solely 6% of manufacturers can cease digital impersonation fraud – Cyber Tech

New York, NY, Could 21, 2024, CyberNewsWire — Memcyco Inc., supplier of digital belief know-how designed to guard firms and their clients from digital impersonation fraud, launched its inaugural 2024 State of Web site Impersonation Scams report.

Notably, Memcyco’s analysis signifies that almost all of firms should not have ample options to counter digital impersonation fraud, and that almost all solely find out about assaults from their clients.

Greater than half of all respondents (53%) mentioned their current cybersecurity options don’t successfully handle web site impersonation assaults, and 41% mentioned their current options solely defend them and their clients “partially.” Simply 6% of manufacturers claimed to have an answer that successfully addresses these assaults regardless of 87% of firms recognizing web site impersonation as a significant concern and 69% admitting to having had these assaults carried out in opposition to their very own web site.

The creation of faux web sites used for phishing-related assaults (that are a prime explanation for account takeover (ATO)) is a rising downside that has earned cybercriminals an astonishing $1 billion+ in 2023 alone, in keeping with knowledge from the U.S. Federal Commerce Fee. That’s greater than 3 times the quantity reported stolen in 2020.

The report discovered that 72% of firms have a monitoring system in place to detect faux variations of their web site, however nonetheless, 66% mentioned that they primarily find out about digital impersonation assaults when they’re flagged by clients.. Extra alarmingly, 37% of respondents find out about web site impersonation assaults because of “model shaming” by impacted clients on social media.

The lack to adequately defend in opposition to digital impersonation fraud raises a query about firms’ duty to reimburse their clients. 48% of survey respondents are already conscious of upcoming laws more likely to implement buyer reimbursements, making efficient safety in opposition to digital impersonation fraud a ‘must-have’ for avoiding income loss.

Mazin

“One of the crucial alarming takeaways from the report is that web site impersonation scams are rising as a result of attackers depend on firms having restricted visibility into these sorts of assaults,” mentioned Israel Mazin, Chairman and CEO of Memcyco. “This creates a evident blindspot in cybersecurity — the shortcoming of firms to guard their clients on-line.”

The State of Web site Impersonation Scams report was carried out along with World Surveyz Analysis, primarily based on the responses of 200 full-time workers starting from Director to C-level executives at organizations within the safety, fraud, digital, and net industries, working transactional web sites with visitors of greater than 10,000 month-to-month visits.

Memcyco’s resolution suite addresses the rising tide of web site impersonation scams by utilizing real-time alerts to safe end-users on each web site go to and offers organizations with unparalleled insights into the scope and impression of all assaults on their websites.

The total report will be discovered right here.

About Memcyo: Memcyco affords a set of AI-based, real-time digital threat safety options for combating web site impersonation scams, defending firms and their clients from the second a faux website goes reside till it’s taken down. Memcyco’s groundbreaking exterior menace intelligence platform offers firms with full visibility into the assault, attacker, and every particular person sufferer, serving to to forestall ATO fraud, ransomware, and knowledge breaches earlier than they happen. Memcyco’s “nano defender” know-how detects, protects, and responds to assaults as they unfold, securing tens of thousands and thousands of buyer accounts and decreasing the unfavourable impression of assaults on workload, compliance, buyer churn, and status.

About World Surveyz: World Surveyz is a world analysis firm offering survey report-as-a-service that covers the entire course of of making an insightful and impactful B2B or B2C report for any goal market. World Surveyz was established in 2020 and is the brain-child of Ramel Levin.

Media contact: Sheena Kretzmer, sheena@memcyco.com

Could twenty first, 2024 | Information Alerts | Prime Tales