Bloomberg - Banks said to expand surveillance to cover more employees

Big Brother

Watch out for more Big Brother.

Bloomberg News reports that banks already using algorithms to monitor traders are looking to expand surveillance to cover more employees in the wake of the Wells Fargo scandal.

Lenders asked International Business Machines Corp. if it were possible to use the technology to also watch retail-banking salespeople, loan officers and other workers, according to Marc Andrews, a manager on the company’s Watson financial services team. Several of the biggest U.S. banks, as well as some regional banks, are testing the software, Andrews said. He declined to name them.

IBM trained Watson to collect information that could’ve helped detect problems at Wells Fargo, which said last week that employees opened as many as 3.5 million bogus checking and credit-card accounts for unsuspecting customers, even more than its original estimate when the scandal broke last year. Watson looks for suspicious logon patterns, unusual levels of unused products or accounts with mismatched contact information or email notifications that have been switched off, Andrews said. The artificial intelligence program, which understands human language, sifts through employee emails for trends such as managers pressuring workers to make sales, he said.

Hit the link below to access the complete Bloomberg News article:

Banks Step Up Employee Surveillance After Latest Wells Scandal

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