How Behavioral Data Analysis can enhance fraud detection, drive greater compliance and optimal VAT returns

How Behavioral Data Analysis can enhance fraud detection, drive greater compliance and optimal VAT returns

Behavioural data analysis is a recent advancement in business analytics that provides insights into human behaviour. This advancement has been made possible by the massive amount of data generated by today’s digitally connected world.  It goes beyond traditional metrics, instead of focusing on analysing how humans act and why. These insights allow businesses to collect unrelated data points to accurately predict errors and future trends. Importantly, these algorithms have the ability to self-teach, becoming even more effective and intelligent over time.

Behavioural data analysis is most often used in consumer applications, such as for marketing and sales purposes, or healthcare applications, such as for predictions about patient deterioration. However, it is now increasingly being applied to the VAT domain, by enhancing fraud detection, driving greater compliance and optimal VAT returns.

Fraud detection: Expert data scientists can create algorithms for detection and prevention of any anomalies in financial processes or user behaviour. For example, an algorithm can trigger alerts for suspicious employee T&E transactions, or identify patterns in invoice data that might indicate fraud.

Compliance: The continuously changing governmental regulations create a necessity for engaging machine learning and AI tools to ensure all financial data is within compliance at all times. For example, an algorithm can be trained to update rules based on new regulations or to identify invoices that are not in compliance, such as those with missing information.

VAT refunds: Specially-designed machine learning algorithms offers near real-time analysis of behavioural trends and data anomalies, enabling enterprises to forecast and meet VAT recovery targets at a level that has never been possible before.

VATBox, the recognised leader in the foreign VAT recovery domain, has invested massive resources and extensive research in the tax and data integrity space. Dr Yury Gubman, a renowned data science expert, has recently joined VATBox’s leadership team in pursuit of continued technological growth and focus on AI-driven analysis. With its blended human and automated approach to information processing, VATBox’s multi-scale features and AI strength enable enterprises to come closer than ever to predictive expense optimisation, 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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