Financial ICONN™ Provides the Missing Component for SARs and KYC Compliance

MADISON, Wis. – TASCET (www.tascet.com), a company dedicated to consumer privacy, today announced its Financial ICONN, a digital representation of a customer’s unique characteristics used to assert identity when conducting financial transactions. The Financial ICONN prohibits fraudulent transactions and provides powerful fraud prevention and investigation capabilities that are not presently available to the financial industry

It prevents imposters from using multiple or synthetic identities across different financial services institutions to commit fraud. Available to financial institutions, money services businesses and mortgage brokers needing to comply with Know Your Customer (KYC) and Suspicious Activity Reports (SARs) requirements, the ICONN enables these businesses to offer customers increased convenience, privacy and anonymity during transactions. It is also available to automobile dealers and the insurance, securities, precious metals, jewelry and gaming industries in which compliance is required. “No other industry must adhere to such strict levels of government regulations surrounding the identification of customers than the financial services industry,” said Brenda Sorenson, business development director at TASCET. “The key to compliance is not devoting more resources, but applying the most advanced and effective identification technologies to streamline efforts and cut costs while preserving corporate reputation and customer confidence.” Once the customer’s Financial ICONN is confirmed by TASCET, the ICONN can be used for real-time identity verification for transactions. It therefore eliminates the reliance on Social Security numbers, driver licenses, PINS or passwords, which are vulnerable to forgery or theft. For financial institutions, the Financial ICONN:

• Offers a strong, efficient approach to Know Your Customer compliance.
• Prevents identity fraud in new accounts and stops many fraudulent transactions before they occur.
• Eliminates reliance on Social Security numbers for customer identification, and provides an identifier that remains with the customer regardless of changes in name, address or financial institution.

For consumers, the Financial ICONN:

• Provides instantaneous identity verification securely and anonymously, without the need to remember numbers, PINS or passwords.
• Restores privacy and protects from identity fraud.

About TASCET Founded in 2005 and based in Madison, Wis., TASCET built an Identity Infrastructure that is available to organizations in the financial services, healthcare, education, cyber and government sectors.  The Identity Infrastructure serves as the backbone for Technology as a Service (TaaS), enabling businesses to confirm an individual’s identity as they move between organizations or industries. The Infrastructure helps organizations maintain data integrity, meet compliance, and eliminate the use of government-issued identifiers while restoring consumer privacy. TASCET is non-transactional and does not data mine, sell information or monitor transactions. Visit www.tascet.comfor more information.