Enhancing Fraud Detection and Compliance + Optimal VAT Returns through Behavioral Data Analysis

by Sachin

In the world of business analytics, behavioral data analysis is a relative newcomer, leading to pertinent insights into human behavior. This innovation is a result of the high volumes of data generated by our digital ecosystem, and the need to efficiently analyze that data. Operating beyond traditional methods of analyzing metrics, behavioral data hones in on how humans behave and why they do so. This data equips businesses to gather independent data points to effectively anticipate errors and future trends. Chiefly, these algorithms are capable of self-teaching, leading to exponential efficiency and intelligence over time. All this is going to help elderly people in avoiding tax scams so they don’t end up losing money online as they pay their taxes. 

Applications for behavioral data analysis have been successful in sectors like marketing, sales, and healthcare for the purposes of prediction models. However, it has recently found success in the VAT domain, by elevating fraud detection, generating greater compliance and optimal VAT returns.

Fraud Detection: Algorithms created by expert data scientists can detect and prevent any anomaly within the scope of financial processes or user behavior. Consider an algorithm that can prompt alerts for suspicious employee T&E transactions, or identify patterns in invoice data that could suggest fraud. This algorithm is not a feature low on the backlog list, it’s available now. 

Compliance: Ever-changing governmental regulations shape a need for the application of machine learning and AI. These innovative tools guarantee that financial data is within compliance at all times. For instance, data scientists can tailor an algorithm to adapt and update rules based on new regulations or to recognize invoices that are not in compliance, such as those with incomplete information.

VAT Refunds: Tailored-designed machine learning algorithms provide near real-time analysis of behavioral trends and data anomalies, equipping enterprises to anticipate and meet VAT recovery targets to such a degree that sets new standards.

VATBox, the recognized leader in the unfamiliar realm of VAT recovery, has invested substantial resources and considerable research in the field of tax and data integrity. Dr. Yury Gubman, an authority on data science, has recently joined VATBox’s leadership team in pursuit of continual technological progress and focus on AI-based analysis. With a hybrid human and automated approach to information processing, VATBox’s multi-scale capabilities and AI strength equip enterprises to achieve predictive expense optimization with enhanced accuracy, financial compliance, and a stronger bottom line.

About VATBox

VATBox is an innovative technology company, enterprise-wide, cloud-based VAT recovery solution that has successfully streamlined the global VAT recovery process. Sophisticated AI and computer vision tools provide VATBox customers with 360-degree VAT visibility insights, optimal VAT returns with an unprecedented 99.8% on average VAT recovery.  Deep learning algorithms help companies achieve the highest levels of compliance – 99% on average – and easily detect incidents of fraud within its T&E expenditures.

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