Memcyco's answer
Generative AI, phish kits, ‘Phishing-as-a-Service’ – digital impersonation scams now come ready-made, and they’re exploding, multiplying the cost of fraud and remediation. In our State of Digital Impersonation Fraud Resilience 2024 survey, we learned that, of the 72% of businesses that use a digital impersonation protection solution, only 6% confirmed its effectiveness.
That's why we started Memcyco – to make preventing and disrupting phishing-related digital impersonation scams easier than launching them.
In short, Memcyco exists to provides an effecitive, real-time alternative to incumbent solutions and limited approaches, without the tradeoff of more fraud checks and balances that add user friction.
What are those limited approaches that are ripe for disruption?
Scanning & takedown
- Weakens the threat (temporarily)
- But can’t detect all offending sites
- Zero pre-takedown protection
- Scams detected mostly by users
- Doesn’t deliver investigable data
- Increases compliance liability risk
- Scanning
Multifactor Authentication
- Provides security guardrails
- Adds repeat customer friction
- Vulnerable to social engineering attacks such as MitM
Suspicious Login Verification
- Adds some ATO safeguards
- But is based on behavior Treats legit users as suspects
- Knows nothing about scams
- Cannot predict ATO attacks
Ultimately, if it's not real time, it's not real protection.
Bolster
IBM Trusteer
Dome9
ZeroFOX
Arkose Labs
