To: Jeffrey S. Mitchell who wrote (83182 ) 2/8/2003 12:12:04 AM From: StockDung Respond to of 122087 03-034 ASIC announces unique 'Scamseek' project Monday 3 February 2003 The Australian Securities and Investments Commission (ASIC) today announced the largest language technology research project ever initiated in Australia. A joint research project between ASIC, the Capital Markets Cooperative Research Centre (CMCRC), the University of Sydney and Macquarie University, the project will aid the development of an automatic internet-document-classification system called 'Scamseek'. With a budget of over $1 million, the project will focus on using innovative language technology to identify possible breaches of the Corporations Act on internet websites. 'The internet represents enormous opportunities for scams and rip-off artists. The system we are developing through this joint project will be an eye that never sleeps, constantly seeking out sites that we can take action against', ASIC Director of Electronic Enforcement, Mr Keith Inman said. ScamSeek will have the potential to: determine potential risk by scanning entities against public and private databases; assess and aggregate the risk associated with information on a website; identify people and companies mentioned on a website; and mark sites that are above the acceptable risk threshold for further analysis. Professor Jon Patrick, team leader for the CMCRC and the University of Sydney, said the system would use the most up-to-date research in document classification, and new analytical methods for identifying the meaning of words. 'Scams that are run through websites tend to use certain words, in certain ways, with certain characteristics – but they can be cleverly disguised as well', Professor Patrick said. 'With our colleagues Professor Christian Matthiessen and Doctoral scholar Maria Couchman from the Linguistics Department at Macquarie University, we're using new theories on textual meanings to unravel the deep linguistic features that will enable us to detect scam proposals no matter what surface form of language they use', he said. The project will also apply a specialist 'web spider' to search out potential websites, using technology developed by one of the CMCRC industry members SMARTS (Security Markets Automated Research Training and Surveillance). 'This project is tremendously exciting not just for us, but for the international community as well. Other countries such as the USA, Holland, Canada and the UK have already expressed interest in the work we are undertaking with this project, because successful language technologies are the next generation in the computer revolution', Professor Patrick said. 'This project puts Australia is at the forefront of research and development in the area, and we are proud to be part of such a significant step forward for research and Australian ingenuity', he said.