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By Ori Mazin
Every time your customers make an online payment, they trust that their sensitive data won’t end up in the wrong hands. But what if it did? With cybercriminals using AI and launching direct attacks on payment systems, securing financial transactions has become a high-stakes challenge for businesses worldwide. In the first half of 2023, around 48.77 billion card payments were made with EU/EEA-issued cards, of which an average of 7.31 million were fraudulent.
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By Lori Moss
With the exponential expansion of AI, bad actors are frothing at the mouth. Advanced technology for automating social engineering techniques that previously required technical know-how is now within arm’s reach of anyone with a keyboard. Attempts to exploit and deceive are more common than ever, and they are emptying business’s pockets. In 2023, 800 businesses worldwide reported fraud losses totaling 6.5% of their revenue, amounting to $359 billion.
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By Ido Mazin
Customer fraud losses and remediation are often integrated as an inevitable cost of doing business Fraud’s impact on the bottom line is often considered when pricing products and services. This has happened since the first thief swiped a product from a marketplace stand. Today, scams responsible for severe business impact have become increasingly sophisticated, and the creeping costs are increasingly hard to budget for.
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By Arthur Zavalkovsky
Forget ‘billions’, fraud is now a trillion-dollar challenge according to McKinsey, with phishing, account takeovers (ATOs), and credential-based attacks driving unprecedented losses. Needless to say, this step change underlines the urgency for scam-prone enterprises to add further protective layers as part of a fraud prevention strategy that combines emerging technologies.
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By Eyal Zargari
Bonus offers, free trials, gifts, and other promotions are great ways for companies to encourage customer loyalty. But what happens when fraudsters and other malicious actors exploit the system to reap unfair rewards? Welcome to the world of bonus abuse. Bonus abuse costs an average of 15% of the iGaming sector’s annual revenues. This unethical behavior takes advantage of incentives designed to attract new customers or reward long-standing ones.
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By Charlie Madere
What if there were a way to negate the effectiveness of multi-factor authentication (or even bypass secure login protocols) without ever cracking a password? Session hijacking offers attackers a tempting shortcut to user accounts, bypassing the usual security barriers. In 2022 alone, researchers scouring the shadier corners of the internet (like the dark web) found 22 billion device and session cookie records – each of which could help to enable session hijacking.
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By Ran Arad
Today, businesses don’t just rely on digital networks—they’re woven into them, with partners, third-party apps, and cloud platforms shaping their every move. Yet, every click, swipe, and connection opens a new door for attackers. As of August 2024, a staggering 52,000 new common vulnerabilities and exposures (CVEs) were identified worldwide, with last year alone witnessing a record 29,000 CVEs. These numbers paint a clear picture: cyber threats are multiplying at an alarming rate.
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By Julian Agudelo
If there’s one fraud statistic worth dwelling on as Fraud Awareness Week 2024 passes, it’s this – in the past year, scams of one type or other siphoned $1 trillion globally, according to the Global Scam Alliance’s State of Scams Report 2024. But this figure only scratches the surface of cybercrime’s total global cost, projected to reach $10.5 trillion in 2025, according to Cybersecurity Ventures, the world’s leading source of cyber research.
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By Zach Lakovics
In today’s cyber attack scene, data often takes a detour – straight through hackers’ systems. Unlike phishing or ransomware, which aim to trick users into handing over credentials or stealing data directly from systems, a Man-in-the-Middle (MitM) attack involves an unseen intermediary trying to fool each of two parties into thinking he’s the other one, capturing and/or altering information communicated between the parties, etc.
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By Julian Agudelo
Frequent flyer programs have long been a symbol of loyalty and reward in the airline industry. These programs are intended to reward travelers with benefits and encourage ongoing customer relationships. However, a growing and pervasive threat is lurking beneath the allure of free miles and exclusive perks: Frequent Flyer Miles fraud. At the last credible count in 2018, there were over 30 trillion unspent miles in circulation, according to McKinsey.
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By Memcyco
Ever had those sleepless nights, tossing and turning, worrying about your next health checkup? Well, in the cyber world, it’s your brand that’s losing sleep! We recently talked to 200 top-notch security and fraud professionals—think of them as the cardiologists of the cybersecurity world. They spilled the beans on how digital impersonation attacks mess with their brand’s health.
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By Memcyco
Shira Rubinoff and David Habusha discuss the crucial topic of Single Sign-On (SSO) in the modern cybersecurity ecosystem, addressing misconceptions, convenience and also its security risks.
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By Memcyco
What are digital impersonation scams, and what damage do they cause? Watch this video with Shira Rubinoff and Memcyco's Zach Lakovics to unpack this important topic.
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By Memcyco
Discover cutting-edge strategies to combat the surge in account takeover fraud with insights from industry leaders in our latest webinar collaboration with Techstrong.
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By Memcyco
Watch Israel Mazin and Shira Rubinoff break down merging threats in online fraud, offering prevention and real-time detection strategies.
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By Memcyco
In this exclusive video interview, Israel unpacks the latest threats that businesses face in the digital age and shares his expert insights with Shira on fortifying defenses against the ever-changing tactics of cyber adversaries.
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By Memcyco
Cyber iCON 2024: Event sponsor, Memcyco, and host, Deloitte, present their cybersecurity partnership and market offering that will redefine what “cyber threat intelligence” can and should mean. Alongside exclusively invited partners, they’ll be sharing expert insight and stunning innovations in digital domain protection. This will be a unique platform for industry leaders hungry to fortify cyber threat defenses and exchange ideas while discovering breakthrough strategies and technologies.
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By Memcyco
If you visited a fake version of your website, could you tell the difference? What about your customers? Can they tell the difference? See this case study from one of Memcyco's clients. Period: a few months in 2023's results.
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By Memcyco
In an ever-shifting digital world, cybersecurity remains at the forefront of protecting our digital assets. We're excited to bring you the latest conversation between two prominent figures in the cybersecurity realm—Shira Rubinoff and Gideon Hazam. This engaging discussion delves deep into the dynamic cybersecurity landscape, providing you with invaluable insights.
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By Memcyco
In today's competitive online marketplace, optimizing your website for maximum conversions is more important than ever. That's why we've created this comprehensive guide to help you identify the 10 surprising reasons that explain lower conversion rates. From website design to customer trust, we'll explore the factors that can impact your conversion rates and provide actionable tips to help you improve them.
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By Memcyco
As more businesses and individuals establish their online presence, the risk of brand impersonation attacks increases exponentially. These attacks can harm a brand's reputation, compromise end-user assets and even lead to financial losses.
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What if stopping phishing-related digital impersonation scams were *easier* than falling for them?
Memcyco is a next-generation digital risk protection solution powered by, not only AI, but real-time 'nano defenders'.
Memcyco already protects millions of user accounts, saving global businesses millions in incident remediation costs.
Visit Memcyco.com for a quick demo, or a free fake-site audit.
Now your Risk, Security and Fraud teams can do all of this, while barely lifting a finger:
- SHUT DOWN DIGITAL IMPERSONATION ATTACKS that result in ATO fraud, PII theft and ransomware *before* phishing or 'smishing' messages have even been sent to customers.
- INSTANTLY KNOW when bad actors are researching your website code, to impersonate your site.
- GET ON-THE-SPOT VISIBILITY of exactly which customers clicked a fake link, who visited which fake sites, and which customers had their credentials harvested.
- TURN ATTACKS ON ATTACKERS, using bad actors' own credentials theft-attempts against them, automatically locking them out of your website and customer accounts when they try to use stolen credentials.
- SLASH COSTS & MTTD: with instant fake-site scam detecton and response, for massive incident handling cost savings and workload reduction of up to 85%
Only Memcyco keeps you covered and customers protected during the 'window of exposure', from the moment a fake site or page goes live, and for as long as stolen credentials are available to be used against you.
The bottom line: if it's not real-time, it's not real digital risk protection.