Memcyco, a ground-breaking cybersecurity company, has successfully completed a $10 million seed funding round led by Capri Ventures and Venture Guides. Memcyco’s innovative technology combats one of the most prevalent forms of cyber threats: website impersonation, or “brandjacking.”
Brandjacking is a rising global concern, affecting individuals and businesses alike. According to the U.S. FTC Consumer Sentinel Network’s data book, it resulted in a collective loss of more than $2.6 billion for 20% of consumers in 2022. Cyber criminals deploy this technique to create deceitful copies of brand websites, ensnaring users to divulge their personal and financial information, which then opens the doors to identity and fund theft.
In response to this burgeoning threat, Memcyco has developed a state-of-the-art Proof of Source Authenticity (PoSA™) technology. This unique tool provides real-time detection and Zero Day protection, pinpointing attacks as they happen. It utilises artificial intelligence to analyse behavioural patterns, alerting organisations to any suspicious activity.
Furthermore, PoSA™ ensures complete visibility for brands by providing comprehensive details of the attempted attack session. It also issues a ‘Red Alert’ to a brand’s users if they accidentally land on a spoofed website, a first of its kind feature.
Another innovative aspect of PoSA™ is a digital watermark displayed on the actual brand website. This watermark reassures customers of the website’s authenticity, fostering digital trust. Brands can effortlessly integrate this watermark into their site, allowing users to customise it with their secret, making it unforgeable and instantly recognisable.
By providing this dual line of defence, Memcyco lessens the damage costs to both brands and their customers, minimises user education efforts, curtails the detrimental snowball effect on digital interactions, and bolsters brand reputation and trust.
Israel Mazin, CEO and co-founder of Memcyco, stated: “At Memcyco, we have introduced a new paradigm for preventing website impersonation by providing multiple layers of protection for companies and their customers.” He further added that the investment from such esteemed cyber security leaders strongly affirms Memcyco’s mission to secure a more trustworthy digital ecosystem.
Echoing Mazin’s sentiments, Alex Pinchev, Founder and Managing Partner at Capri Ventures, expressed his confidence in Memcyco’s groundbreaking solution to phishing-based brandjacking scams. Ben Nye, Managing Partner at Venture Guides, also lauded Memcyco’s dedication to protecting businesses that heavily rely on customer trust.
Memcyco is a leading figure in the fight against brand impersonation fraud, offering a real-time solution that mitigates the associated damage to businesses and their customers. Trusted by leaders in financial services, eCommerce and other industries, Memcyco aspires to create a secure digital environment where users can confidently interact with businesses online.