TEL AVIV, Israel, May 24, 2023 — Memcyco, the real-time website impersonation detection and prevention solution, has completed a $10 million seed round led by Capri Ventures and Venture Guides.
Brandjacking is among the most common forms of cyberattacks globally. Twenty percent of consumers collectively lost more than $2.6 billion in 2022 due to imposter scams, according to U.S. FTC Consumer Sentinel Network’s data book. Website impersonation (also known as “brandjacking”) draws users to fraudulent copies of a brand’s website to trick them into revealing personal and financial account information used to steal their identities and funds.
Memcyco counters these assaults with 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.
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.
Memcyco is minimizing 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.
“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. “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.”
“Everyone knows someone who has fallen victim to a phishing-based brandjacking scam,” said Alex Pinchev, Founder and Managing Partner at Capri Ventures. “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 leadership team is fully committed to protecting banks, eCommerce and other customers whose businesses depend on the trust and goodwill of their customers. We believe they will build the company to become the leading innovator in digital trust.” added Ben Nye, Managing Partner at Venture Guides.
Memcyco was founded to create a world in which users can confidently interact with businesses online, and scammers are deterred from impersonating brands. Its real-time digital brandjacking protection solution helps brands counter impersonation fraud and its associated damage to businesses and their customers. Memcyco is trusted by leaders in financial services, eCommerce and other industries.