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Not that I've seen. It just adds an entry to a reference list that is checked when a process is launched. The realtime spyware protection is what really consumes memory.
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I could see it causing a slight memory increase. The blocked application list probably has to be loaded into memory, but like Maxtar posted I haven't seen it cause any noticeable memory increases.
Are they reporting hug memory hits like in the 200+ range or just that Softmon.exe is running around 60megs. Cause that would be pretty normal if you have the new spyware patch. Which i think the two of us installed a week or so ago.