Traders beware: Samsung has unveiled a new mobile voice recording system (MVRS) for Galaxy phones that can not only listen in on every conversation but also track your movements and monitor you data usage.
The MVRS Powered by Samsung SDS EMM is developed predominantly for the financial services sector in anticipation of forthcoming MiFID II regulations set for 2018, which require all communications data to be recorded, monitored and stored for five years.
Available on Samsung Galaxy devices, the package records all SMS, voice and call conversations made by trading employees. All recorded data is then uploaded over the airwaves into organisations’ central compliance centres or to ISO and designated UK Government-certified data centres as required by law. This data can then be used with other recordings to produce analytical compliance reports, says the firm.
Running as a native application, the system is able to override and prevent third party communication applications being installed on a device, to avoid any correspondence not being officially recorded.
The system can also track a user’s movement through Google Maps, identify which other apps they are using on a device and how much data is being used, to highlight potential irregularities.
All data used and stored can be viewed at all times via an intelligent portal where calls, SMS and emails can be downloaded, played back and read.
Adrian Klingenberg, financial sector sales manager, Samsung SDS Europe says the system has already been road-tested by a number of FCA-regulated firms. “We’ve had tremendous feedback from customers in the financial services sector to date," he says. "In an increasingly regulated sector and with MiFID II moving ever closer, there is a huge target market for this kind of product."