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

New York, NY, Could 21, 2024, CyberNewsWire — 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 wouldn’t have enough 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 corporations recognizing web site impersonation as a significant subject and 69% admitting to having had these assaults carried out towards 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 keeping with knowledge from the U.S. Federal Commerce Fee. That’s greater than thrice 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% 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 towards digital impersonation fraud raises a query about corporations’ duty to reimburse their clients. 48% of survey respondents are already conscious of upcoming rules prone to implement buyer reimbursements, making efficient safety towards digital impersonation fraud a ‘must-have’ for avoiding income loss.

Mazin

“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,” mentioned Israel Mazin, Chairman and CEO of Memcyco. “This creates a obvious 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 International 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 net industries, working transactional web sites with site visitors of greater than 10,000 month-to-month visits.

Memcyco’s answer suite addresses the rising tide of web site impersonation scams through the use of 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 could be discovered right here.

About Memcyo: Memcyco gives a set 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 website goes stay till it’s taken down. Memcyco’s groundbreaking exterior risk intelligence platform offers corporations 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” expertise detects, protects, and responds to assaults as they unfold, securing tens of tens of millions of buyer accounts and decreasing the unfavorable impression of assaults on workload, compliance, buyer churn, and fame.

About International Surveyz: International 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. International Surveyz was established in 2020 and is the brain-child of Ramel Levin.

Media contact: Sheena Kretzmer, sheena@memcyco.com

 

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