How an unwanted mining technology became a profitable fraud-detection system

06/26/2011 | Bloomberg Businessweek

While pursuing a doctorate, Canadian robotics expert Jamie King developed technology that was intended to enable robots to replace humans in nickel- and iron-ore mines. Fortunately for banks, mining companies weren't interested, which forced King to figure out another use for his technology and discover that it is better suited for analyzing financial statements. More than 700 financial institutions use King's technology in their fraud-detection software.

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