Memcyco is Preventing Brandjacking and Deterring Digital Impersonation Fraud

The Tel Aviv-based company Memcyco has completed a $10 million seed round that will help to prevent website impersonation and deter scammers from acting as brands to steal customer funds. Led by Venture Guides and Capri Ventures, this seed round will accelerate Memcyco’s aim of protecting businesses and their customers from the damage of brandjacking.

Brandjacking is when fraudsters create duplicate copies of a brand’s website, tricking users into submitting their personal information onto the site. Once a user submits their private details or account information, the site can then steal their identity and accounts. The U.S FTC Consumer Sentinel Network suggests that 20% of consumers collectively lost over $2.6 billion in 2022 due to imposter scams.

Memcyco aims to prevent brandjacking with its agentless Proof of Source Authenticity (PoSA™) technology, which offersZero Day protection and real-time detection, identifying attacks in real time and at the point of impact. When an attack occurs, PoSA™ provides complete visibility by delivering brands full details of the attempted attack session. Furthermore, Memcyco issues a Red Alert to users when they navigate to a spoofed website, warning them of imminent danger.

Memcyco’s goal is to minimize the potential damages of fraud to both brands and their customers, and in doing so, help boost customer trust in digital properties and improve brand reputation.

According to Memcyoc’s CEO and co-founder, Israel Mazin, Memcyco has “introduced a new paradigm for preventing website impersonation by providing multiple layers of protection for companies and their customers. This investment from such experienced leaders in cyber security delivers a strong vote of confidence in Memcyco’s ability to deliver a more secure and trustworthy digital ecosystem.”

Memcyco is led by a seasoned founding team with vast experience and successful IPOs under its belt, which helped them pinpoint a major cybersecurity issue that until now, has lacked a real-time solution.

“Everyone knows someone who has fallen victim to a phishing-based brandjacking scam. 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,”

- said Alex Pinchev, founder and Managing Partner at Capri Ventures.

According to a report by DataProt, identity theft, and data breaches go hand in hand. As cybercrime has become more common, we’re now seeing higher rates of cyber fraud than ever before. In fact, over 40% of all online consumers worldwide have experienced online identity theft, with this statistic being even more grave in the US. In 2022 alone, consumers lost almost $9 billion to fraud, a 30% increase from last year, according to the Federal Trade Commission.

Memcyco’s platform should be useful in the fight against cyber fraud. With increasing amounts of digital users around the world, hackers are likely to increase as well. The risk of brandjacking, data robbery, and digital fraud remains very real, and for the near future, brands should consider taking measures to protect themselves, and more importantly, their customers.