Memcyco Inc., supplier of digital belief know-how designed to guard corporations and their prospects 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 sufficient options to counter digital impersonation fraud, and that the majority solely study assaults from their prospects.
Greater than half of all respondents (53%) mentioned their current cybersecurity options don’t successfully tackle web site impersonation assaults, and 41% mentioned their current options solely shield them and their prospects “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 serious subject 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 high explanation for account takeover (ATO)) is a rising drawback that has earned cybercriminals an astonishing $1 billion+ in 2023 alone, based on knowledge 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% mentioned that they primarily study digital impersonation assaults when they’re flagged by prospects.. Extra alarmingly, 37% of respondents study web site impersonation assaults on account of “model shaming” by impacted prospects on social media.
The shortcoming to adequately shield in opposition to digital impersonation fraud raises a query about corporations’ duty to reimburse their prospects. 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.
“Probably the most 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 obtrusive blindspot in cybersecurity — the shortcoming of corporations to guard their prospects on-line.”
The State of Web site Impersonation Scams report was carried out along with International Surveyz Analysis, based mostly on the responses of 200 full-time workers starting from Director to C-level executives at organizations within the safety, fraud, digital, and net industries, working transactional web sites with visitors of greater than 10,000 month-to-month visits.
Memcyco’s answer 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 offers organizations with unparalleled insights into the scope and affect of all assaults on their websites.
The complete report will be discovered right here.
About Memcyo
Memcyco provides a collection of AI-based, real-time digital threat safety options for combating web site impersonation scams, defending corporations and their prospects from the second a faux website goes dwell 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” know-how detects, protects, and responds to assaults as they unfold, securing tens of tens of millions of buyer accounts and decreasing the unfavorable affect of assaults on workload, compliance, buyer churn, and repute.
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.
Contact
Sheena Kretzmer
sheena@memcyco.com