U.S. Treasury Uses AI to Recover $1 Billion in Check Fraud, $4 Billion Overall in Fiscal 2024

Oct 17, 2024, 07:47 PM

The U.S. Treasury Department has reported significant success in using artificial intelligence (AI) to combat financial fraud. In fiscal 2024, AI helped the Treasury recover $1 billion in check fraud, nearly triple the amount recovered in the previous fiscal year, according to estimates shared first with CNN. Overall, AI-driven initiatives have prevented or recovered more than $4 billion over the past year. This marks a substantial increase from the $652 million recovered in 2023. The Treasury's use of machine learning and AI to detect anomalies and illicit schemes is proving transformative in safeguarding taxpayer dollars and enhancing financial security.