Memcyco Report Reveals Solely 6% Of Manufacturers Can Shield Their Clients From Digital Impersonation Fraud

Memcyco Inc., supplier of digital belief expertise designed to guard corporations 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 corporations shouldn’t have sufficient 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%) stated their present cybersecurity options don’t successfully handle web site impersonation assaults, and 41% stated their present options solely shield them and their clients “partially.” Simply 6% of manufacturers claimed to have an answer that successfully addresses these assaults regardless of 87% of corporations recognizing web site impersonation as a significant situation 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 reason behind account takeover (ATO)) is a rising drawback that has earned cybercriminals an astonishing $1 billion+ in 2023 alone, in accordance with information 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 corporations have a monitoring system in place to detect faux variations of their web site, however nonetheless, 66% stated 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 on account of “model shaming” by impacted clients on social media.

The lack to adequately shield in opposition to digital impersonation fraud raises a query about corporations’ accountability 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.

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

The State of Web site Impersonation Scams report was performed along with World Surveyz Analysis, based mostly on the responses of 200 full-time staff starting from Director to C-level executives at organizations within the safety, fraud, digital, and internet industries, working transactional web sites with site 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 supplies organizations with unparalleled insights into the scope and affect of all assaults on their websites. 

The total report could be discovered here.

About Memcyo

Memcyco affords a collection of AI-based, real-time digital threat safety options for combating web site impersonation scams, defending corporations and their clients from the second a faux web site goes reside till it’s taken down. Memcyco’s groundbreaking exterior menace intelligence platform supplies corporations with full visibility into the assault, attacker, and every particular person sufferer, serving to to forestall ATO fraud, ransomware, and information breaches earlier than they happen. Memcyco’s “nano defender” expertise detects, protects, and responds to assaults as they unfold, securing tens of hundreds of thousands of buyer accounts and decreasing the detrimental affect of assaults on workload, compliance, buyer churn, and popularity.

About World Surveyz

Global 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.

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