Generative Data Intelligence

Beyond the Firewall: Combating Digital Impersonation Fraud with Generative Data Intelligence

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Intelligent Data Generation

A Memcyco report reveals that just 6% of companies are capable of shielding their clients from fraud involving digital impersonation – Tech Startups

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Have you ever gotten a phone call from someone claiming to be your bank about unusual activity, only to find out it was a scam? This is just one instance of digital impersonation fraud, a swiftly growing issue. A recent report from Memcyco, a company specializing in digital trust technology to safeguard businesses and their clients from digital impersonation fraud, revealed that this kind of fraud is much more widespread than most people think.

The first 2024 report on Digital Impersonation Fraud Resilience by Memcyco reveals that the majority of businesses are not prepared to effectively handle digital impersonation fraud, typically becoming aware of such attacks only when customers bring them to their attention.

The survey reveals that more than half of those surveyed (53%) confessed that their existing cybersecurity defenses are inadequate against website impersonation attacks. Additionally, 41% conceded that their protections are only somewhat effective. Worryingly, only 6% of companies feel confident in their strong solutions, even though 87% understand the seriousness of website impersonation, and 69% have experienced such attacks firsthand.

Hackers use deceptive websites to fool people into giving up their login information, resulting in account takeover (ATO) incidents. In 2023, these frauds resulted in more than $1 billion in losses, which is over three times the amount stolen in 2020, as reported by the U.S. Federal Trade Commission.

Even though 72% of businesses have systems in place to detect fraudulent website copies, 66% still rely mainly on customer notifications to discover these attacks. Moreover, 37% find out about these incidents through customers publicly complaining about the brand on social media.

This lack of protection endangers customer safety and prompts concerns regarding the obligation of businesses to compensate fraud victims. As nearly half of the survey participants expect new regulations to enforce customer reimbursements, robust fraud prevention measures are increasingly crucial to prevent monetary losses.

Israel Mazin, the Chairman and CEO of Memcyco, expressed concern that the rise in website impersonation scams is largely due to cybercriminals taking advantage of companies' inadequate insight into such attacks. He emphasized that this issue reveals a significant vulnerability in cybersecurity, particularly in how companies protect their customers on the internet.

In collaboration with Global Surveyz Research, the report gathers insights from 200 employees working full-time, ranging from directors to top executives, within the security, fraud, digital, and web sectors. These companies manage transactional websites that receive more than 10,000 visits each month.

In response to the increase in website impersonation fraud, Memcyco provides a range of tools designed to deliver immediate notifications and comprehensive analysis regarding the extent and effects of these threats, with the goal of protecting users every time they visit a website.

With the constant advancement of digital threats, it is crucial to have strong cybersecurity protocols in place. Businesses need to remain alert and take a proactive approach to safeguard both their clients and their reputations from the increasing danger of digital impersonation fraud.

Memcyco provides an innovative range of AI-powered, real-time digital risk protection tools aimed at preventing website impersonation fraud. These tools protect businesses and their clients from the very instant a fraudulent website appears until it is removed. Utilizing Memcyco's sophisticated external threat intelligence system, organizations can fully monitor the attack, the perpetrator, and the affected individuals. This all-encompassing strategy helps to avert account takeover (ATO) fraud, ransomware threats, and data breaches before they happen.

Central to Memcyco’s technology is their groundbreaking “nano defender.” This system constantly monitors for, guards against, and reacts to threats as they happen, safeguarding millions of user accounts around the globe. It greatly reduces the adverse effects of these attacks on operational efficiency, regulatory adherence, customer retention, and the business’s public image.

Started in 2020 by Ramel Levin, Memcyco has rapidly emerged as a prominent name in the field of digital security. Their services provide exceptional protection, allowing businesses and their clients to explore the online world securely and without worry.

In the meantime, Global Surveyz, established in 2020, stands out as a leading research firm specializing in delivering thorough survey reports and services. They manage the complete workflow of generating informative and influential B2B or B2C reports tailored for any target audience, providing crucial data and insights to support business strategies.

You can access the complete report at this link.

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