AI Boosts US Treasury’s Fraud Recovery Efforts
According to the US Department of Treasury, it recovered $4 billion in fraud and improper payments during the fiscal year 2024 by using artificial intelligence to analyze data. On October 17, the Treasury announced that its use of AI has significantly increased the amount recovered from fraud, surpassing the $652.7 million recovered in the previous fiscal year.
In late 2022, the Treasury began implementing machine learning AI covertly. This technology focuses on evaluating enormous volumes of data and using the knowledge it gains to make judgments and forecasts.
It’s really been transformative. Leveraging data has upped our game in fraud detection and prevention. Fraudsters are really good at hiding. They’re trying to game the system secretly. AI and leveraging data helps us find those hidden patterns and anomalies and work to prevent them.
Treasury official Renata Miskell
Government Agencies Like Treasury and IRS Turn to AI to Combat Financial Crimes
Approximately 1.4 billion payments totaling $6.9 trillion are handled by the Treasury each year. To strengthen government enforcement and regulatory efforts against financial crimes, the Treasury announced in May that it would increase the use of AI. However, it is not the only branch of the US government using AI. The Internal Revenue Service said in September 2023 that it had used AI to uncover tax evasion by looking into intricate and sizable returns from law firms and hedge funds.
For more up-to-date crypto news, you can follow Crypto Data Space.
1 Comment