US Treasury's AI Tools Recover Over $4B in Fraud, a Sixfold Increase in Fiscal 2024

Oct 18, 2024, 03:05 AM

The US Treasury Department announced that its increased use of artificial intelligence (AI) in fraud detection helped prevent or recover over $4 billion in fraudulent payments during fiscal year 2024, a more than sixfold increase from the $652.7 million recovered in fiscal year 2023. Specifically, AI assisted in recovering $1 billion in check fraud alone. Since late 2022, the Treasury has been leveraging machine learning and advanced detection tools to identify anomalies and illicit schemes more efficiently. The federal government's bet on AI to fight financial crime is paying off, transforming the fight against fraud, enhancing financial security, and optimizing government spending.