Peerkey is developing an intuitive way to seamlessly authenticate communication to help companies and their customers establish trust as well mitigating security risks such as social engineering.
Successfully developed a working MVP, filed patents of which some have been granted in Australia and formed a team.
The global opportunity in the social engineering space offers significant opportunities and has no sign of slowing in the long term.
Globally: >$2 billion ($1.17 billion USD) SOM with over 8% CAGR
Australia Only: $150 million ($90 million USD) SOM
Problem or Opportunity
With the sophistication of modern day fraud and the methods employed by clandestine fraudsters current technology company to customer communication does not instil confidence in users.
Solution (product or service)
Peerkey provides software that companies can implement into their mobile application which provides a real time response via push notification to an end customer when a company is about to call them so they can verify the customer service representative. It can also gauge the legitimacy of any email a customer receives from the company and provide a response via push notification to state whether it's legitimate. In addition to this it can report phishing in real time to multiple databases and block scams before it has a chance to do damage.
A few players in the space but they don't typically target the same types of attacks in totality.
Advantages or differentiators
Drastic changes to preexisting solutions already on the market that can decrease time taken for outbound calls and action email fraud much faster than traditional methods. Patents covering both services.
Money will be spent on
The funding that we seek to raise will be spent in a methodical manner primarily on our technology and sales. Currently we have a range of ongoing costs for offshore development and legal costs for IP.
Typically we have fairly long sales cycle due to the nature of the clients that we deal with however we are working on ways to reduce timelines such as targeting some smaller clients initially whilst still maintaining conversations with larger clients. We also aim to build up a wide range of clients over time to reduce the potential for churn to have large impact on the business. Further to that we've identified some broader economic risks that will no doubt affect most businesses in Australia, namely Coronavirus or Covid-19. We believe that our flexible capital management will ensure that we can overcome these risks. Furthermore the digital security field often thrives in these circumstances as fraud demonstrably rises.
1. Securely verifying voice communication (WO2018157211A1)