Excelerate Technology

Naples, FL 34105, US
Web Service Software
excelerate.tech

eFraud Services' products apply AI (Artificial Intelligence) to financial fraud detection software saving time, money and sanity. eFraud Services is a subsidiary of Excelerate Technology, a reseller of conventional fraud detection software.

eFraud Services is a fintech startup for financial-fraud detection. We address the needs of financial fraud investigators by significantly reducing the time it takes to analyze bank statements and identify fraudulent transactions. Our platform replaces laborious, manual tasks with an AI-enabled (Artificial Intelligence) software solution.

In the U.S. alone, $600 billion is lost to financial fraud each year. Most investigations require the analysis of years of bank statements and can take months or years. This is a laborious task that is error-prone and can take multiple people to find the answers. There are automated solutions on the market that use “OCR” (Optical Character Recognition) to convert images of bank statements into a format for analysis, e.g. Excel. Most of them generate many errors that must be corrected manually.

We have three products, eFraud Converter, eFraud Analyzer and eFraud Connector, that address the needs of financial fraud investigators by significantly reducing the time it takes to analyze bank statements. Our platform replaces laborious, manual tasks with an AI-enabled software solution. The use of AI dramatically reduces the manual effort, while improving the quality of the results.

eFraud Services was hatched to build a better mousetrap. AI enables computers to do what humans cannot in terms of speed and accuracy. Our products use AI components, e.g. Computer Vision, Machine Learning and Natural Language Processing, to dramatically reduce the manual effort required and to improve the quality of the results by eliminating OCR errors. In addition, since we propose a fully automated self-service SaaS solution, the price can be kept at an affordable level for all.

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Company Age Employees Sub-Industry
5 years, 8 months 2 Financial Software

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eFraud Converter

eFraud Converter processes bank statements in pdf format and converts them into data formats that can be analyzed to uncover fraud. The primary output format is Excel. This tool uses AI, including Computer Vision, Machine Learning and Natural Language Processing, to enhance the OCR process and eliminate or minimize errors. It comes with a 100% Accuracy guarantee. It runs on the Internet in the Cloud to provide a SaaS experience. It is highly scalable and affordable. The pricing for this product is based on usage, cost/page.

eFraud Analyzer is a white label version of an Excel Toolbar Add in that has multiple tools to assist fraud investigators with the analysis of the data produced by the eFraud Converter. This product is licensed on an annual basis.

eFraud Connector is an API that enables eFraud Converter to send data directly to marketplace data analytics platforms that are used for fraud detection. This product is licensed on an annual basis.

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President Executive Officer
Barbara Steinberg

Barbara SteinbergBarbara is an entrepreneur and technology implementation specialist. She has almost 50 years experience in information systems and solutions.

She has started 5 businesses, 4 in financial services, all aimed at applying technology to improve business processes. Applications included retail point-of-sales, consumer financial education and elder care financial solutions.

Barbara graduated from Downstate Medical Center, SUNY, with a BS in Medical Computer Science, from Columbia University with an MS in Electrical Engineering and from Fairleigh Dickinson University with an MBA in Management.

Vice President Operating Officer
Robert Hayum

Robert HayumBob is a retired technology consultant with over 50 years of experience. His primary focus has been information systems and systems development for applications including sales force automation and CRM. Prior to his retirement, he worked for Coopers & Lybrand and Price Waterhouse Coopers.

He has started 2 internet businesses, golfcaptains.com and golfersreport.com

Bob graduated from City University of NY with a BS in Electrical Engineering and from MIT with an MS and PE in Electrical Engineering, where he built systems for the Apollo lunar landing.

AS COO, he supports Barbara in the areas of business development, partnerships, proposal analysis and other activities.

Funding

27%

Funding Goal$275,000

Funding Raised So Far$0

Funding Commitments$75,000

Funding Remaining$200,000

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