The US Department of the Treasury has announced significant achievements in the field of detecting and preventing fraud using artificial intelligence technologies, recovering and preventing fraudulent and false payments totaling over $4 billion in the last fiscal year, spanning from October 2023 to September 2024.
According to a statement issued by the department, the use of machine learning technologies greatly contributed to accelerating fraud detection in Treasury-issued checks, resulting in the recovery of approximately $1 billion. This is a significant improvement compared to the previous fiscal year, where the total recovered and prevented amounts were only about $652.7 million.
In addition to recovering this billion, the department succeeded in preventing approximately $2.5 billion worth of high-risk transactions, in addition to $680 million through additional fraud prevention techniques.
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The Treasury Department plans to share this technology with other federal agencies, although some entities, such as the Internal Revenue Service (IRS), have already begun implementing artificial intelligence techniques to detect tax evasion, automate services, and carry out audit operations.
