The US Treasury Department achieves notable accomplishments in combating fraud using artificial intelligence.
The US Department of Treasury has announced significant achievements in detecting and preventing fraud using artificial intelligence technologies. They have succeeded in recovering and preventing fraudulent and invalid payments exceeding four billion dollars during the last fiscal year, spanning from October 2023 to September 2024.
According to an official statement from the department, the use of machine learning techniques has greatly accelerated the detection of fraud related to Treasury-issued checks, resulting in the recovery of approximately one billion dollars. This represents a significant progress compared to the previous fiscal year, where recovered and prevented amounts were only around six hundred and fifty-two million dollars.
Additionally, the department has prevented nearly 2.5 billion dollars of high-risk transactions, in addition to recovering around 680 million dollars through additional fraud-fighting techniques.
As part of its future strategy, the Treasury Department plans to share this advanced technology with other federal agencies. On the other hand, some entities like the IRS have started implementing artificial intelligence techniques to detect tax evasion, automate services, and conduct audit operations.
