Tel Aviv-based cybersecurity firm, Memcyco, has successfully concluded a seed funding round, raising $10 million. The investment was led by Capri Ventures and Venture Guides, affirming their confidence in Memcyco’s ability to deliver cutting-edge solutions in the field of brandjacking prevention.
Brandjacking, a prevalent form of cyberattack worldwide, resulted in consumers collectively losing over $2.6 billion in 2022, as reported by the U.S. FTC Consumer Sentinel Network’s data book. This scam involves impersonating a brand’s website to deceive users into disclosing personal and financial information, which is then exploited for identity theft and financial fraud.
To combat these attacks, Memcyco employs an innovative agentless Proof of Source Authenticity (PoSA™) technology, offering real-time detection and zero-day protection. By identifying attacks at the point of impact, PoSA™ equips brands with comprehensive details of the attempted attack sessions, ensuring complete visibility. Notably, it is the first technology that issues a Red Alert to users when they encounter a spoofed website, immediately alerting them to potential risks. Leveraging artificial intelligence, PoSA™ analyzes behavioral patterns to detect irregular activities and promptly notifies organizations of any potential threats.
Additionally, PoSA™ incorporates a digital watermark on the legitimate brand’s website, instilling confidence in users regarding its authenticity. Brands can effortlessly integrate the watermark, allowing users to personalize it with a secret of their own, thereby creating a distinct and unforgeable symbol of trust. This fosters a secure environment and enhances digital trust among customers, ultimately fortifying brand reputation.
Memcyco’s solution offers substantial benefits by minimizing damages suffered by both brands and their customers. It reduces the need for extensive user education efforts, curbs the snowball effect that deters users from interacting with digital platforms, and enhances overall brand reputation and trust among end-users.
CEO and co-founder of Memcyco, Israel Mazin, expressed his enthusiasm, stating,
“At Memcyco, we have 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 cybersecurity delivers a strong vote of confidence in Memcyco’s ability to deliver a more secure and trustworthy digital ecosystem.”
Alex Pinchev, Founder and Managing Partner at Capri Ventures, highlighted the significance of Memcyco’s real-time approach, stating, “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.”
Ben Nye, Managing Partner at Venture Guides, echoed the sentiment, emphasizing Memcyco’s commitment to safeguarding the interests of their customers, particularly in sectors such as banking and eCommerce, where trust and goodwill play a crucial role. Nye expressed confidence that Memcyco would emerge as a leading innovator in the realm of digital trust.
Memcyco’s reputation extends beyond its recent funding success, as the company is trusted by prominent entities in the financial services, eCommerce, and other industries. With their real-time digital brandjacking protection solution, Memcyco continues to provide invaluable support to brands in countering impersonation fraud and mitigating its detrimental impact on businesses and their customers.
In conclusion, Memcyco’s latest funding round bolsters their position as a leading force in the ongoing battle against brandjacking. By leveraging their state-of-the-art PoSA™ technology, they are at the forefront of delivering real-time protection, safeguarding businesses and consumers alike from the pervasive threats of website impersonation and cyber fraud.