Memcyco, an Israeli cybersecurity company, has launched a real-time solution to help businesses detect and prevent website impersonation, also known as “brandjacking.” According to the U.S. FTC Consumer Sentinel Network’s data book, consumers collectively lost more than $2.6 billion in 2022 due to imposter scams, making brandjacking one of the most common forms of cyberattacks globally. The attacks draw users to fraudulent copies of a brand’s website, tricking them into revealing personal and financial account information, which is then used to steal their identities and funds.
To counter these assaults, Memcyco has developed an agentless Proof of Source Authenticity (PoSA™) technology that delivers Zero Day protection and real-time detection, helping to identify the attacks at the point of impact. PoSA™ provides the brands with full details of the attempted attack session to ensure complete visibility. It is also the first technology that issues a Red Alert to the brand’s users when they navigate to the spoofed website. PoSA™ uses artificial intelligence to study behavioral patterns in order to identify and alert organizations when irregular activity occurs.
In addition to identifying attacks, PoSA™ also includes a digital watermark displayed on the brand’s actual website that reassures customers of the website’s authenticity. Brands can easily integrate the watermark into their website and allow their users to customize it with their own secret, so that it is instantly recognizable and impossible to forge. This cultivates a secure environment and affinity for the brands’ customers, promoting digital trust.
“At Memcyco, we have introduced a new paradigm for preventing website impersonation by providing multiple layers of protection for companies and their customers,” said Israel Mazin, CEO and co-founder of Memcyco. “Our solution minimizes the cost of damages to both brands and their customers, reducing user education efforts, decreasing the snowball effect that prevents users from interacting with digital properties, and boosting brand reputation and trust among end users.”
Memcyco’s approach to combating brandjacking is unique in that it offers real-time protection that identifies the attacks at the point of impact, allowing businesses to thwart the attackers before any damage is done. The PoSA™ technology also provides complete visibility of the attack session, enabling brands to see all activity taking place, and gives them the ability to alert their users immediately if the website they are visiting is fake.
“Everyone knows someone who has fallen victim to a phishing-based brandjacking scam,” said Alex Pinchev, Founder and Managing Partner at Capri Ventures, one of the investors in Memcyco’s recent seed round. “Memcyco is the first company to provide a real-time solution to that problem, while existing approaches are mostly after-the-fact and leave organizations not knowing which users fell victim to the attack.”
Memcyco’s solution has already garnered attention from leaders in financial services, eCommerce, and other industries. The company recently completed a $10 million seed round led by Capri Ventures and Venture Guides, highlighting the growing demand for real-time protection against brandjacking and other cyberattacks. Memcyco’s mission is to create a world in which users can confidently interact with businesses online, while scammers are deterred from impersonating brands. With PoSA™, they are well on their way to achieving that goal.