Ernst & Young and FBI Develop Software That Identifies Fraud Phrases in Emails

(Image: Shutterstock.com)

With the prevalence of financial fraud in recent years, new software co-developed with the FBI might allow companies to sift through employees’ emails to identify a problem before it’s too late.

According to IT Pro, phrases like “nobody will find out,” “cover up” and “off the books” are among the more than 3,000 words and phrases in new software developed by the accounting firm Ernst & Young with the FBI. In addition to these more obvious phrases, IT Pro reported that the software can identify change in tone, can be targeted to specific employees and also picks upon indications of nervousness, like “call my mobile.”

These are the 10 most common phrases used in fraud emails (via BBC) based on the firm’s research:

  • 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

“Email traffic is only seized upon by regulators or fraud investigators when the damage has been done,” Dr. Rashmi Joshi, director of Ernst & Young’s Fraud Investigation & Disputes Services, said according to IT Pro. ”Firms are increasingly seeking to proactively search for specific trends and red flags – initially anonymously – but with the potential for investigation where a consistent pattern of potential fraud is flagged.”

Featured image via Shutterstock.com.

(H/T: Business Insider)

Other Must-Read Stories