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

The Memcyco Report highlights a concerning trend where just 6% of brands are equipped to safeguard their customers from digital impersonation fraud. Despite the significant recognition of website impersonation as a major issue by 87% of companies, the majority lack effective solutions, leading to attacks primarily being brought to their attention by customers. The report reveals that 53% of respondents do not have cybersecurity measures in place to combat website impersonation, and 41% have only partial protection

The rise of fake websites for phishing attacks, amounting to over $1 billion in profits for cybercriminals in 2023, underscores the urgency for better protection. Even with 72% of companies employing monitoring systems, 66% rely on customer flagging to detect digital impersonation attacks, while 37% resort to 'brand shaming' on social media. The impending regulatory requirements around customer reimbursements (known to 48% of respondents) emphasize the necessity for robust defenses, making it imperative for companies to prioritize enhancing their capabilities against digital impersonation fraud to mitigate revenue loss and reputation damage.
https://cybersecuritynews.com/memcyco-report-reveals-only-6-of-brands-can-protect-their-customers-from-digital-impersonation-fraud/