Memcyco Inc., a provider of digital trust technology designed to protect companies and their customers from digital impersonation fraud, has released its first 2024 Website Impersonation Scam Report. Notably, Memcyco’s research shows that most companies do not have adequate solutions to deal with digital impersonation fraud, and that many only learn about attacks from their customers.
More than half of all respondents (53%) said their existing cybersecurity solutions do not effectively protect against website impersonation attacks, and 41% said their existing solutions only protect them and their customers “partly.” Only 6% of brands say they have a solution that effectively addresses these attacks despite 87% of companies seeing website impersonation as a major problem and 69% agreeing that this attack has occurred against their website.
The creation of fake websites used for phishing-related attacks (a leading cause of account takeover (ATO)) is a growing problem that has earned cybercriminals a staggering $1 billion+ in 2023 alone, according to data from the US Federal Trade Commission. That’s more than three times the amount of money reported stolen in 2020.
The report found that 72% of companies have a monitoring system in place to detect fake versions of their website, yet, 66% said they primarily learn about digital impersonation attacks when customers are flagged. Shockingly, 37% of respondents read about website impersonation attacks due to “brand shaming” by affected customers on social media.
Not being able to adequately protect against digital impersonation fraud raises the question of companies’ responsibility to restore their customers. 48% of survey respondents are already aware of upcoming laws that could force customer returns, making effective protection against digital identity fraud a ‘must have’ to avoid lost revenue.
“One of the biggest takeaways from this report is that website impersonation scams are on the rise because attackers rely on companies with limited visibility into these types of attacks,” said Israel Mazin, Chairman and CEO of Memcyco. “This creates a mystery in cyber security – the inability of companies to protect their customers online.”
The State of Website Impersonation Report was conducted in conjunction with Global Surveyz, based on the responses of 200 full-time employees from Director to C-level executives in organizations in the security, fraud, digital, and web industries, who work with commercial websites. with a monthly traffic of more than 10,000 visits.
Memcyco’s solution suite tackles the growing wave of website impersonation scams by using real-time alerts to protect end users on every website visit and provides organizations with unparalleled insight into the scope and impact of all attacks on their sites.
The full report can be found here.
About Memcyo
Memcyco offers a suite of AI-based, real-time digital risk protection solutions to combat website impersonation scams, protecting companies and their customers from the moment a fraudulent site goes live until it is taken down. Memcyco’s external intelligence platform provides companies with complete visibility into each attack, attacker, and victim, helping to prevent ATO fraud, ransomware, and data breaches before they happen. Memcyco’s “nano defender” technology detects, protects against, and responds to attacks as they happen, securing tens of millions of customer accounts and reducing the negative impact of attacks on business, compliance, customer churn, and reputation.
About Global Surveyz
Global Surveyz is a global survey company that provides a survey report-as-a-service covering the entire process of creating an insightful and impactful B2B or B2C report for any target market. Global Surveyz was founded in 2020 and is the brain child of Ramel Levin.
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