PORGiESOFT launches SenseText.AI to strengthen cyber fraud detection using machine learning
SenseText will deliver adaptive fraud detection on each employee’s device to further protect enterprises from cyber fraud such as BEC, APP and Invoice Fraud
February 4, 2020 (Cambridge, UK) – PORGiESOFT an AI tech startup specialising in fraud detection today announced the launch of it’s latest AI product SenseText. SenseText is a cyber fraud detection solution that has been developed to further address fraud detection problems for businesses. SenseText will be looking to position its technology to give businesses an extra layer of protection from BEC (Business Email Compromise), Authorised Push Payment Fraud (APP), Bank Impersonation Fraud and so on.
Employees can provide a copy of a suspicious email or text message to SenseText, SenseText’s algorithms then carefully analyse the contents of the email/text message and not only outputs a simple fraud risk score but also learns during the process. The more training the model has, the more experienced and accurate it is in detecting fraud.
Cyber fraud is on the increase all over the world, especially during the pandemic. A report in 2020 highlighted how cybersecurity complaints have jumped by about 400% during the COVID-19 pandemic. The surge in cyber fraud puts businesses at greater risk as more and more of their employees are now working from home, with only limited enterprise cybersecurity defences. Furthermore, 46% of UK businesses reported a cyberattack of some sort last year and the number keeps increasing. Unfortunately, other studies also show that the aftereffects of cyber fraud are far-reaching and that it greatly affects employee morale, business relations and causes sometimes irreparable reputational damage.
“Spam filters can only do so much, there are other factors like human error, stress and so many other factors that could weaken a firm’s fraud prevention strategy but that’s where SenseText comes in. SenseText empowers each individual workstation in an organisation with innovative fraud detection technology which enables the application of the power of machine learning to adapt and further train the model,” said George Brown, CEO at PORGiESOFT. “Some emails look so genuine, but we believe each employee should get a second opinion on those emails. We’ve built SenseText to solve pressing fraud detection problems at each workstation which is somehow the last-line of defence in an organisation, the platform fortifies business cyber defences against fraud.”
Fraud is at an all-time high and a recent report shows that BEC (Business Email Compromise) cost companies around £1.25 billion in 2019. SenseText empowers businesses in quickly detecting fraud using a simple fraud score with the help of some machine learning, NLP and advanced transaction analytics. SenseText will be available on enterprise plans with subscriptions starting at £7/user – please see www.sensetext.ai/pricing
Further details to follow.
SenseText is an adaptive machine learning (ML) fraud detection platform that helps enterprise employees to detect suspicious messages and emails quickly using a simple fraud risk score. At each workstation, we aim to protect our customers from cyber fraud, intelligently reducing the risk of fraudulent transactions using machine learning (ML) and natural language processing (NLP). SenseText allows customers to further train, customise, build and expand the base fraud detection statistical model to improve fraud detection accuracy. With SenseText, organisations can be more confident and have that extra layer of artificial intelligence (AI) cyber protection.
PORGiESOFT is on a mission to use AI to make everyday time-consuming tasks in fraud detection and education easier and faster, we’re building smart machines that can quickly carry out routine tasks and adapt in the process. We are a tech startup based in Cambridge, but we actively deploy our AI products across several countries. We were founded in 2018.
The Hill - FBI sees spike in cyber crime reports during coronavirus pandemic: www.thehill.com/policy/cybersecurity/493198-fbi-sees-spike-in-cyber-crime-reports-during-coronavirus-pandemic
By Chloe Frome
On February 4, 2020