Tascet Launches Financial Iconn to Prevent Tax Frauds
In order to prevent fraudsters form filing multiple tax returns, Tascet has recently launched an all new technology called the Financial Iconn. Launched at the FinovateSpring 2012 conference in San Francisco, Financial Iconn offers unique features such as fraud investigation and prevention. The innovative technology, which is based on identity verification, has been designed with an intention to discourage fraudsters from filing multiple tax returns using the name, social security number and other personal details of someone else.
Tax frauds related to ID theft have been increasing with every passing day and has become a serious problem for the Internal Revenue Service of late. J. Russell George, Treasury Inspector General for Tax Administration recently admitted that a sum of around twenty six billion dollars can easily be lost to frauds related to tax identity in the coming 5 years. The Tax Administration believes that the multiple false tax return filing by the same person is one of the biggest challenges being faced by them today. In 2011, IRS had reported that as many as 940,000 tax returns filed were related to identity theft tax frauds.
Tascet’s Financial Iconn technology will require a finger proof as well as photo to accept a user’s identity. In addition to this, Financial Iconn will also prompt users to provide their name, gender, address, country of birth and date of birth. Once a ‘Financial Iconn’ has been established with the help of the above information, users will be able to activate it when goods and services will be required at businesses that use Tascet. Once Tascet activates the Financial Icon of the taxpayers, they will be able to use it for verifying identity when tax returns are being filed.
Brian R. Bodager, chief operating office, Tascet noted that apart from being a customer focused tool, Financial Iconn will also act as a proactive compliance mechanism.
Tascet basically offers verification and identification related products and services. The company offers some of the most advanced products and solutions for a wide range of customers spanning across different industries including, Healthcare, Government, Finance, Cyber and Academic. Through Financial Iconn, Tascet will also ensure complete privacy security.