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Banks Spy Harder
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Technology Developed to Spy on Bank Staff
Writes Dan Drage dan.drage@consumerchoices.co.uk
Do you work for a bank? If you do, your e-mails, phone calls and instant messenger conversations are about to be monitored by a computer.
Bank staff, already used to increasing surveillance in the light of credit crunch paranoia and scandals such as Jerome Kerviel’s rogue antics at Société Générale, will now have their movements shadowed by technologies known as e-discovery.
These systems, currently booming despite slowdown in similar market areas, allow companies to monitor and record employee activity. It is anticipated banks will require this information when dealing with the numerous lawsuits spawned by the credit crunch and subprime crisis.
Banks are streamlining to make up for losses and a slump in business, but spending on e-discovery bucks the trend. The e-discovery ‘Autonomy’ system, which proved Jerome Kerviel lied about the content he wrote in crucial emails, was developed by Cambridge University researcher Mike Lynch. Mr Lynch had the following to say:
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"In the UK, companies are allowed to monitor their employee’s electronic correspondence if staff are informed beforehand"
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‘The effect of the subprime crisis appears now to be a positive for my business. This is all being driven by trading scandals and by the sharpening of requests from regulators.’
In the UK, companies are allowed to monitor their employee’s electronic correspondence if staff are informed beforehand. The British Information Commissioner’s Office additionally states the benefits of this action must ‘outweigh the risks to individuals' privacy’.
Chris Eagle, Commercial Manager at Credit Choices, takes a prosaic view:
‘Nobody enjoys being spied on, that’s a fact. Having seen a TV expose on the activities of bank call centre workers though, I welcome the introduction of e-discovery software!’
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