| Seeking out the scamsters |
|
February 12, 2004 In a response to the proliferation of internet-based scams, Capital Markets Cooperative Research Centre (CMCRC) has launched a new technology to combat web fraudsters by analysing the language they use. Known as ScamSeek, A$2 million has been made available through the CMCRC for the project. ScamSeek performs document classification of Internet pages and, using sophisticated language recognition and classification technology, alerts users of those pages which are likely to be scams. Professor Jon Patrick, Director of the ScamSeek project, today announced the successful completion of the first phase of the Australian designed and built automated surveillance tool, capable of identifying financial scams on the Internet. “The proliferation of internet scams is of great concern to our regulators and law enforcement agencies," said Professor Patrick. "We are now able to provide real-time information which will enable them to halt scams and commence action against scamsters immediately.” In its first application, ScamSeek has been focused on two principle types of documents: those that give financial advice by unregistered advisors; and those which promote unlawful investment schemes. The first phase of the project has been completed and a working system, known as ScamAlert, is installed at the Australian Securities and Investments Commission (ASIC). An independent audit of the performance of the system proved highly satisfactory with a result for precision of 75%. ASIC has advised that the system has already provided reliable assessment of sites that warrant investigation. In a recent live demonstration, Prof Patrick activated ScamAlert and one hour later the system had classified 3500 documents, identifying 67 as scams. ASIC was interested in 77% of these documents. The equivalent manual investigation would take many man-days. For more information on ScamSeek, please click here. HistoryThe ScamSeek project began on 29th April 2003 with the audit of the phase1 system being completed by 18th October 2003. This phase of the project came in within time, under budget and in excess of performance specifications. The successful completion of phase 1 has convinced ASIC of the value of investing in a 2nd phase which commenced immediately on completion of phase 1 and is scheduled to be completed by 30th June,2004. PartnersThe contributing partners in the ScamSeek project are Capital Markets CRC (CMCRC), SMARTS Pty Ltd, ASIC, the University of Sydney and Macquarie University. Contact InformationProfessor Jon Patrick Mr. Keith Inman |