The U.S. Treasury Department said it used artificial intelligence to analyze data and recover $4 billion in "fraud and improper payments" in fiscal year 2024.
On Oct. 17, the Treasury Department said it had recovered nearly four times as much funds through the implementation of artificial intelligence compared to the previous fiscal year, when it recovered $652.7 million through fraud.
At the end of 2022, the Treasury quietly began using machine learning AI, a technology that specializes in analyzing huge amounts of data and making decisions and predictions based on the knowledge gained.
"It's really made a difference", said Treasury spokeswoman Renata Miskell, who told CNN that "the use of data has upped our game in fraud detection and prevention".
"Scammers are really good at hiding. They are trying to secretly deceive the system. AI and the use of data help us find these hidden patterns and anomalies and work to prevent them".
Deputy Finance Minister Wally Adeymo said the agency "takes seriously its responsibility to effectively manage taxpayer money".
Juniper Research has reported that by 2028, the total volume of online payment fraud is expected to exceed $362 billion.
Currently, the Treasury processes about 1.4 billion payments annually, totaling $6.9 trillion. In May, the Treasury said it would expand the use of AI to strengthen government regulation and enforcement in the fight against financial crime.
This is not the only U.S. department turning to AI. In September 2023, the Internal Revenue Service said it had applied artificial intelligence to identify tax fraud by examining large and complex revenues from hedge funds and law firms.
Source
On Oct. 17, the Treasury Department said it had recovered nearly four times as much funds through the implementation of artificial intelligence compared to the previous fiscal year, when it recovered $652.7 million through fraud.
At the end of 2022, the Treasury quietly began using machine learning AI, a technology that specializes in analyzing huge amounts of data and making decisions and predictions based on the knowledge gained.
"It's really made a difference", said Treasury spokeswoman Renata Miskell, who told CNN that "the use of data has upped our game in fraud detection and prevention".
"Scammers are really good at hiding. They are trying to secretly deceive the system. AI and the use of data help us find these hidden patterns and anomalies and work to prevent them".
Deputy Finance Minister Wally Adeymo said the agency "takes seriously its responsibility to effectively manage taxpayer money".
Juniper Research has reported that by 2028, the total volume of online payment fraud is expected to exceed $362 billion.
Currently, the Treasury processes about 1.4 billion payments annually, totaling $6.9 trillion. In May, the Treasury said it would expand the use of AI to strengthen government regulation and enforcement in the fight against financial crime.
This is not the only U.S. department turning to AI. In September 2023, the Internal Revenue Service said it had applied artificial intelligence to identify tax fraud by examining large and complex revenues from hedge funds and law firms.
Source
