ASIC’s new AI fraud detector is flashing red on the ASX
Transparently, an AI fraud detection tool trialled by ASIC, says it has identified accounting red flags across dozens of ASX companies.
A new artificial intelligence tool trialled by ASIC has flagged suspicious accounting activity among 32 of Australia’s largest companies, uncovering potential financial manipulation and fraud on the ASX.
Capital Brief can reveal that the corporate regulator has been using Transparently, an AI fraud detection tool that claims to be able to accurately identify "the next Enron" years before it implodes.
“ASIC trials a range of machine learning and AI tools that may help us achieve our regulatory and enforcement goals,” an ASIC spokesperson said, declining to comment specifically on the system.
Although ASIC does not currently hold a commercial contract with the Singapore-based Transparently, the results its system generates are likely to raise some eyebrows.
