Reported by The U.S. Department of the Treasury and CoinTelegraph

The U.S. Department of the Treasury announced significant progress in combating fraud and improper payments, recovering over $4 billion in fiscal year 2024—an increase from $652.7 million in the previous year. This success is largely attributed to the integration of artificial intelligence (AI) and data-driven approaches, which have transformed the Treasury’s fraud prevention efforts. Machine learning AI, introduced in late 2022, has played a crucial role in detecting hidden fraud patterns and anomalies, helping to prevent and recover substantial amounts. Specific measures included enhanced risk-based screenings and the expedited identification of Treasury check fraud.

Treasury officials, including Deputy Secretary Wally Adeyemo, emphasized the importance of safeguarding taxpayer money and improving partnerships with federal and state programs to mitigate financial fraud risks. Additionally, the Treasury expanded the use of AI for broader regulatory and enforcement efforts against financial crimes. With the federal government disbursing 1.4 billion payments annually, valued at $6.9 trillion, these advancements reflect Treasury’s commitment to improving fraud detection and prevention using cutting-edge technology. The rising threat of online payment fraud, expected to exceed $362 billion by 2028, underscores the urgency of these efforts.

Read original reports: https://cointelegraph.com/news/ai-helps-treasury-recover-billions-in-fraud AND https://home.treasury.gov/news/press-releases/jy2650