Only 6% of brands can protect customers from digital impersonation fraud

The Memcyco Report highlights that a mere 6% of brands possess effective solutions to counter digital impersonation fraud, with 87% acknowledging it as a significant issue. The majority rely on customers to flag attacks, indicating a lack of cybersecurity measures. Despite 72% having monitoring systems, 66% still depend on customer alerts, while 37% learn from social media 'brand shaming'

The rise of fake websites for phishing is a lucrative trend for cybercriminals, amassing over $1 billion in 2023 alone. With impending regulations pushing for customer reimbursements, companies are urged to prioritize protection against digital impersonation fraud to prevent revenue loss. Memcyco's CEO underlines the critical need for companies to enhance online customer protection, as the inability to safeguard against such fraud poses a considerable cybersecurity blindspot., ```
https://www.csoonline.com/article/2117659/memcyco-report-reveals-only-6-of-brands-can-protect-their-customers-from-digital-impersonation-fraud-2.html