They are going to be busy sorting the false positives from the dodgy ones.
Here's a thought, as with most things in life new laws, new legislation, new statutes, new investigatory powers are generally not necessary, what is needed is competent and robust enforcement of existing legislation.
Perhaps if Governments, Revenue Collectors, Business and Financial Regulators around the world just got on and did their job, even to a merely 'average' level of competence and scrutiny, much of the recent financial crisis/aka systemic industry fraud and global corporate and rich individual tax avoidance/evasion might not have occurred, and is still occurring.
Considering how often emails are used as evidence against less-than-honest financiers and corporations on the sly, businesses should take note.
The FBI, in collaboration with Ernst & Young, have developed new software which scans email communication and lists the most common buzzwords and phrases used which may suggest the presence of corporate fraud. Based on real-life examples of corporate and financial fraud that ended up in the courtroom after investigation, a number of phrases including “Nobody will find out,” “cover up” and “failed investment” make the list.
The Financial Times reports that in bribery cases, expressions including “special fees” and “friendly payments” most commonly crop up in cases involving bribery. For skittish staff members who are fearful of the consequences, “no inspection” and “do not volunteer information” are present, and for those feeling panic, “want no part of this” and “don’t leave a trail” crop up.
There are currently over 3,000 terms stored in the scanning software which would raise a flag for further scrutiny — reminiscent of the terms U.S. government agencies monitor on social networks to combat terrorism. The software is also able to capture rapid changes in tone and language, highlighting conversations out-of-the-ordinary among traders.
In addition, the FBI’s new tool tracks phrases which suggest the recipients want to conduct their business in a dark corner, including “call my mobile” or “come to my office.”
Rashmi Joshi, director of Ernst & Young’s fraud investigation and disputes services, told the FT:
“The language, which is a mix of accounting phrases, personal motivations and attempts to conceal, are very revealing. While most organisations only focus on the numbers when investigating discrepancies, what we are seeing are ways of analysing words — emails, SMS or instant messaging — to identify and isolate wrongdoing.”
But what are the top words and phrases used in email conversations which may suggest shady dealings?
- Cover up
- Write off
- Illegal
- Failed investment
- Nobody will find out
- Grey area
- They owe it to me
- Do not volunteer information
- Not ethical
- Off the books
This post originally appeared on ZDNet.
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