The US Treasury is using AI (a vehicle for fraud) to detect fraud

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October 18, 2024, 12:38 PM

• •The US Treasury Department says machine learning AI has helped it prevent and recover $4 billion in fraud and improper payments over the past year.
• •One-fourth of the $4 billion apparently comes from recovery by "expediting the identification of Treasury check fraud with machine learning AI."
• •The Treasury plans to share the technology with other federal agencies, though some have already implemented their own.

The US Treasury Department claims machine learning AI has played a critical part in its enhanced fraud detection processes over the past year. The department prevented and recovered "fraud and improper payments" worth over $4 billion over the last fiscal year. One-fourth of the $4 billion apparently comes from recovery by "expediting the identification of Treasury check fraud with machine learning AI." The Treasury plans to share the technology with other federal agencies.

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