The Financial Times has reported that JPMorgan Chase is said to be using counter-terrorism techniques to identify fraud among its own employees.
According to the newspaper's sources, the bank is using one system designed by Palantir Technologies, a company which is said to have links to U.S. intelligence, to search out hard data which will enable it spot dodgy employee dealings much more effectively.
The Financial Times quotes data analysis firm SAS executive David Wallace, who said: 'They're trying to mine not just trading data, but also emails (and) phone calls. They're trying to find the needle in the haystack'.
The technology is also said to have other business uses.
One banker told Here Is The City: 'There is such reputational risk involved with staff fraud these days (not to mention the financial penalties), that firms like JPMorgan have no option but to use all technologies available to guard against employee wrongdoing.
'Rogue traders, staff who steal from clients, or anyone engaging in things like insider trading better watch out', he said.
Counter-terrorism tools used to spot staff fraud (subscriber content)
image: © Jan Krömer
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