Memcyco, a pioneering cybersecurity firm, has introduced an innovative real-time website impersonation detection and prevention solution that is set to revolutionize the fight against brandjacking.
Brandjacking, a prevalent form of cyberattack, has inflicted substantial financial losses on consumers worldwide. Shockingly, in 2022 alone, imposter scams cost consumers a staggering $2.6 billion, according to (PDF) the U.S. FTC Consumer Sentinel Network’s data book.
The technique involves luring unsuspecting users to fraudulent copies of legitimate brand websites, where their personal and financial information is compromised, resulting in identity theft and financial fraud.
To counter these malicious assaults, Memcyco has developed an agentless Proof of Source Authenticity (PoSA™) technology, delivering unparalleled Zero Day protection and real-time detection capabilities. By identifying attacks at the point of impact, PoSA™ equips brands with comprehensive details of attempted attack sessions, ensuring complete visibility into the threat landscape.
Significantly, Memcyco’s groundbreaking solution is the first to issue a Red Alert to users navigating spoofed websites, warning them of potential dangers. Leveraging artificial intelligence, PoSA™ analyzes behavioural patterns to proactively identify and alert organizations of any irregular activities.
Additionally, PoSA™ integrates a unique digital watermark into a brand’s legitimate website, assuring customers of its authenticity. The watermark can be effortlessly incorporated into a website and personalized with users’ secret preferences, rendering it instantly recognizable and impossible to forge. This fosters a secure environment and cultivates a sense of trust and confidence among customers, promoting digital trust in brands.
By significantly minimizing the financial impact on both brands and their customers, Memcyco’s cutting-edge solution reduces the need for extensive user education efforts. This breakthrough technology effectively breaks the snowball effect that often deters users from interacting with digital properties, ultimately enhancing brand reputation and bolstering trust among end users.
Israel Mazin, CEO and co-founder of Memcyco expressed his enthusiasm for the groundbreaking solution, stating, “At Memcyco, we have introduced a new paradigm for preventing website impersonation by providing multiple layers of protection for companies and their customers. This investment from such experienced leaders in cybersecurity delivers a strong vote of confidence in Memcyco’s ability to deliver a more secure and trustworthy digital ecosystem.”
Memcyco’s remarkable progress in combating brandjacking has not gone unnoticed. The company recently concluded a successful $10 million seed round led by prominent investors Capri Ventures and Venture Guides.
“Almost everyone has been affected by a phishing-based brandjacking scam or knows someone who has,” said Alex Pinchev, Founder and Managing Partner at Capri Ventures. “Memcyco is the first company to offer a real-time solution to this problem, while existing approaches mostly operate after-the-fact, leaving organizations unaware of which users have fallen victim to such attacks.”
In conclusion, Memcyco’s groundbreaking real-time digital brandjacking protection solution is set to revolutionize cybersecurity and safeguard the integrity of online transactions.
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