India's Banks and Fintechs Get a New Cyber Shield: Memcyco and IBI Group Partner to Stop Impersonation Fraud Before It Strikes

This partnership brings earlier visibility into phishing, digital impersonation and account takeover threats, helping organizations detect and disrupt attacks before fraud occurs.

New York, October 15, 2026 – Memcyco today announced a strategic partnership with IBI Group, a Mumbai-headquartered integrated security solutions provider with an expanding cybersecurity practice, to expand access to Memcyco’s preemptive digital impersonation and account takeover protection across India.

Through the partnership, IBI Group will resell Memcyco’s SaaS portfolio and jointly bring Memcyco’s technology to organizations across India, supported by local solution advisory and customer engagement. Initial target sectors include banking and financial services, fintech, e-commerce, critical infrastructure and additional high-risk digital sectors.

The collaboration is designed to help organizations identify and respond to digital impersonation, phishing and account takeover threats earlier in the attack lifecycle, including attacks that begin outside the organization’s owned digital environment and before users reach the legitimate application.

Addressing an evolving fraud landscape in India
As digital adoption continues to expand across India, organizations face growing exposure to phishing, impersonation, credential theft and account takeover attacks targeting their customers and digital services.

Many existing controls remain concentrated around login, authentication and transaction monitoring. While these controls remain important, modern attacks increasingly start earlier, when customers are directed to impersonation websites, tricked into surrendering credentials or targeted with techniques that make fraudulent activity appear legitimate.

India’s shift toward digital banking, real-time payments and always-on customer journeys has expanded both the opportunity for digital services and the channels attackers can exploit. Phishing campaigns increasingly span impersonation websites, messaging and social platforms, while stolen credentials and adversary-in-the-middle techniques can bypass conventional controls and advance toward account takeover. For banks, NBFCs, fintechs and other regulated enterprises, this increases the need to connect external threat visibility with actionable fraud signals earlier in the attack lifecycle.

India’s fraud landscape continues to evolve rapidly. In its FY2025-26 Annual Report, the Reserve Bank of India reported 10,114 fraud cases involving ₹48,021 crore approximately $5B, with the amount involved rising 46% year over year. RBI data also shows that card and internet fraud account for a significant share of reported fraud cases, underscoring the growing exposure created by India’s rapidly expanding digital financial ecosystem.

Through the partnership, Memcyco and IBI Group will help organizations extend protection further upstream in the customer journey.

Detecting and disrupting attacks earlier
Memcyco provides real-time visibility into digital impersonation and account takeover attacks as they unfold, helping organizations identify affected users, compromised credentials and malicious infrastructure before fraudulent activity progresses.

The technology enables organizations to:

• Detect phishing and digital impersonation attacks targeting customers in real time.
• Identify affected users while an attack is still underway.
• Detect credential relay, Man-in-the-Middle and other sophisticated account takeover techniques.
• Gain visibility into malicious infrastructure and attacker activity beyond the organization’s owned environment.
• Intervene before compromised credentials are used to access legitimate accounts.
• Deploy protection without requiring software installation on the end user’s device.

Through IBI Group, organizations in India will also gain access to local solution advisory, pre-sales engagement and implementation coordination, supported by Memcyco’s channel and technical teams.

Combining Local Market Expertise to Shift Fraud Protection Upstream

“Across India, organizations are investing heavily in authentication and fraud controls, but many attacks begin well before a login or transaction reaches those systems. We see a clear need for earlier visibility into impersonation infrastructure, exposed customers and attacker activity. Memcyco adds a differentiated, preemptive layer to IBI Group’s cybersecurity portfolio, helping our customers detect and disrupt these attacks closer to their source,”
said Sujeet Menezes, CEO & Director at IBI Group.

Israel Mazin, CEO of Memcyco, said, “India’s rapid adoption of digital financial services and online platforms creates significant opportunities for businesses, but it also increases the attack surface available to fraudsters. Our partnership with IBI Group will help organizations gain visibility into attacks earlier in the customer journey and take action while customers are still being targeted, rather than after credentials have been compromised or fraud has occurred.”

Expanding Memcyco’s Presence in India

The partnership forms part of Memcyco’s continued expansion through regional technology and cybersecurity partners, giving organizations access to local expertise alongside Memcyco’s technology. It will support joint go-to-market activity across India, with IBI Group leading local market development and customer engagement and Memcyco supporting sales enablement, demonstrations, proof-of-concept activity and technical validation. The companies will work together to bring Memcyco’s technology to organizations where phishing, digital impersonation and account takeover create direct fraud, operational and reputational impact.

The companies will initially focus on banks, NBFCs, payment and fintech providers, e-commerce platforms and other customer-facing digital businesses, with broader expansion into retail, logistics and critical infrastructure and additional enterprise sectors as joint opportunities develop.