Digital impersonation attacks have always put companies on the defensive, but a new offering from the cybersecurity startup Memcyco promises to change that narrative.
With the latest version of its platform, Memcyco offers sophisticated tools to block digital impersonation attacks and track them in real time, take down malicious websites, identify the perpetrators, and improve companies’ investigative capabilities.
Memcyco helps companies not only protect themselves, but their customers as well, and its solution is one of the first in the cybersecurity space that is enabling customer protection from digital impersonation scams – something that’s sorely needed as the frequency of brand impersonation scams increases. Data from the Federal Trade Commission shows that U.S. consumers lost more than $1.1 billion through such scams in 2023, where imposters mimic trusted brands in order to try and deceive their customers.
Impersonation attacks can be incredibly effective as they employ sophisticated social engineering techniques such as “phishing” and “smishing” to trick users into visiting fraudulent websites that masquerade as legitimate ones. As soon as the victim enters his or her login details, that information goes straight into the clutches of cybercriminals, who will attempt to exploit it for personal gain. The scale of these attacks can be huge. One campaign in 2023 targeted brands including Nike, Adidas, Puma and Crocs, directing thousands of customers to malicious websites designed to hoover up their credit card details.
Memcyco uses proprietary “Nano Defenders” and device DNA technology, along with artificial intelligence (AI), to discover impersonation attacks in the earliest stages of their planning. It provides organizations with a detailed breakdown of impersonation attacks from the moment they are first detected, aggregating events in a timeline so they can keep track of its progress as it plays out. For each attack, Memcyco provides full details on its scope and methods used, plus the identities of each individual victim and the perpetrator.
Memcyco provides real-time reports that enable companies to quickly understand how the attacks are being executed, allowing them to mitigate the damage to their brand and their customers. This information can be used to accelerate efforts to take down the malicious websites while simultaneously taking steps to protect their customers.
At the same time, Memcyco’s software works to sabotage the bad guys by scrambling any sensitive information that’s entered into their phishing sites, instead sending them “decoy data”, which in turn, exposes their identity. One way Memcyco keeps customers safe is by offering to issue red alert popups that warn users who enter phishing sites, advising them not to proceed.
Memcyco’s latest offering marks a shift in paradigm from traditional scan-and-takedown solutions, and even modern predictive solutions, in favor of a new approach that involves being proactive and going on the offensive, while combining real-time protection and real-time visibility.
“It’s an entirely new way of combating phishing and digital impersonation that throws attackers into disarray,” said Memcyco’s CEO and co-founder, Israel Mazin. “With our next-gen platform, companies gain sophisticated tools that allow them to seek out and take down malicious actors before they can launch their attacks, while achieving compliance with new customer protection regulations.”
