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SFIO developing advanced system for detecting corporate frauds

The Serious Fraud Investigation Office (SFIO) is currently working on an advanced system that will allow the investigative agency to detect potential corporate frauds at an early stage. The early warning system will contribute significantly to safeguarding the interests of investors who are often cheated by dubious persons and entities. The early warning system will have a certain level of artificial intelligence coded into it, which would allow it to automatically trawl social media platforms and sniff out any potential fraud. It may be recalled that SFIO operates under the Corporate Affairs Ministry and it has already started the process of identifying a managed service provider that could develop the Early Warning System (EWS).

The idea for EWS first came in 2009, when the Satyam fraud was detected by authorities. Now, that many more such cases have come to light, it has become vitally necessary to develop EWS. Sources said that EWS would rely on MCA21 database as well as data that is sourced from other regulatory organizations. Tracking social media platforms will also be an important aspect of EWS. The new system will have business intelligence and analytics capabilities and it will utilize these to raise red flags and alerts.

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