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New software aims to preemptively nab Wall Street crooks

August 9th, 2012 at 3:00 PM

With so many big banks’ reputations in the toilet, one software vendor is betting that they’ll want to do a better job of cracking down on their more unethical employees before they become a public relations headache. MIT’s Technology Review blog reports that Digital Reasoning, a software company that has traditionally sold its data-combing software to intelligence agencies and the military, is marketing its wares to scandal-plagued financial institutions that are presumably tired of getting fined by assorted regulatory agencies on a regular basis.

Technology Review says that Digital Reasoning is telling the banks that they “could save billions by spotting fraud or insider trading by employees, or catching financial advisors giving unethical or illegal advice” using its product, which combs through huge stacks of unstructured data searching for words, phrases and sentences within emails, documents and social media messages that suggest an employee might be engaging in dodgy behavior.

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