REGISTERED FINANCIAL NUMBER™
The first point of fraud prevention for financial institutions.
A secure identifier to replace SSNs.
The Identity Network establishes a new identity infrastructure based on the application of biometric technologies and is an important tool for financial institutions in combating identity theft and fraud. Registration in the Identity Network enables financial institutions to identify individuals and protect customers from identity theft.
As financial institutions build identity databases of customers to verify identities, authenticate transactions and prevent fraud, the financial institution registers these customers in the Identity Network. TASCET is the highest-tier verification platform, allowing identity assurance across industries and institutions. This infrastructure prevents individuals from using false, stolen or synthetic identities.
Registration in the Identity Network prevents fraud by verifying the person.
Biometrics at the FI level prevents fraud by authenticating the transaction.
Protecting the privacy of customers’ personal information is paramount. As customers are securely registered in the Network, they are issued a Registered Financial Number™, which is unique and non-duplicated. The Registered Financial Number™ can be used in place of the Social Security number for customer identification and matching purposes and provides greater security and privacy of customer’s personal information.
Registration binds the individual to a single identity and prevents persons who have been registered from opening new accounts using fraudulent or stolen identities, within one or numerous financial institutions. The use of biometrics and the Identity Network becomes a tremendous deterrent to fraudulent activity.
The Identity Network enables financial institutions to prevent true identity theft, the use of another’s personally identifying information (PII) to establish or takeover a credit, deposit or other financial account. New account fraud is the most damaging form of fraud and prevention results in billions of dollars saved. Once an individual is stopped from committing identity theft, the follow-on fraud crimes that individual may have committed are also avoided.
