Publican’s Trade Series – Exploring How Technology, Data & Analytics Redefine Fraud Detection, Minimize Revenue Leakage & Bridge Inspection Gaps
Chapter 01 / Bridging the Inspection Gap with Digital Vetting technology
With more decisions to be made, and huge amounts of information to consider in rapidly-growing areas like e-commerce, customs operations are already stretched and it’s only expected to grow. Fraudulent activities are becoming harder to detect and revenue harder to manage. It underscores the need to prevent risks in this ever-evolving marketplace with advanced and scalable technological tools that cover all the relevant data points in real-time conditions.
Today’s trade tools are mainly risk management inspection tools that harness rule-based analytics based on historical domestic data which is limited and static and doesn’t account for relevant changes in baseline data over time.
Digital vetting offers customs authorities an opportunity to break this impasse, by using advanced AI models with ‘dynamic’ global data that goes way beyond historical and local insight to reflect real-time market, regulatory and trade conditions.
DIGITAL VETTING TECHNOLOGY: TAKING RISK MODELS INTO A NEW ERA
Publican’s Digital Vetting Technology provides a new approach to the existing risk management engines and open source systems.
Publican’s advanced multidimensional vetting infrastructure, retrieves, collects, and analyzes data in real-time from thousands of global sources to provide rapid, and highly accurate fraud assessments of each cross-border shipment.
By analyzing shipments it scrutinizes patterns, transactions, related entities, and anomalies across more than 300 risk vectors. This examination covers all entities engaged in the shipment process, including the exporter, importer, goods, route, and vessel. Specific details such as value, classification, quantity, and identifying information like serial numbers are also taken into consideration. The combination of using Ai and creating rules that are based on real-time data and the analysis of the entire supply chain for potential anomalies results in an unprecedented ability to hone in on fraud, classification issues and lost revenue.
This unique digital vetting technology overcomes the inspection gap by flagging security and revenue risk that would otherwise go under the radar, without slowing down trade facilitation processes.
Freed from the rigidity of rules based decisions harnessing historical data, Publican is able to provide agencies with previously unobtainable yet critical and highly valuable information in a matter of seconds, providing full visibility into the most complex supply chains. This novel approach empowers government regulators and enterprises to enforce trade policy, prevent fraud, and increase revenue collection while facilitating the fast clearance of goods.