re: Renaissance of Fraud Spurs New Approaches to Anti-Money Laundering
Data analysis and risk modeling is in many cases, a reactive approach that spots trends or detects fraud AFTER it has already occurred. To prevent fraud and reduce money laundering, financial institutions have to follow Know Your Customer regs in the literal sense, and that's what the Financial ICONN from TASCET accomplishes. With Financial ICONN, the identity of the customer is never in doubt. Fraudsters can no longer impersonate someone else. The IRS would benefit as well because it would be impossible for one person to file 5000 returns, like what recently occurred in Florida.
Financial ICONN is the future. Financial institutions and the IRS would be well served to adopt this technology today.