The federal government’s implementation of artificial intelligence in fighting financial crime has led to the recovery of approximately $1 billion in check fraud in fiscal 2024 alone, almost tripling the amount recovered from the previous year. Officials in the Treasury Department credited this achievement to leveraging machine learning to process vast amounts of data more efficiently, thus transforming the approach to fraud detection. According to Renata Miskell, a top Treasury official, it's been truly transformative for the department and its ability to protect taxpayer money.
AI’s role has been pivotal in preventing and recovering over $4 billion in fraud in fiscal 2024, marking a six-fold increase from fiscal year 2023. Treasury officials began employing AI methods in financial crime detection in late 2022, drawing inspiration from existing practices in the banking and credit sectors, especially during a time when fraud cases surged due to the rapid disbursement of emergency aid during the COVID-19 pandemic. Machine learning has proven effective in recognizing hidden patterns that human efforts may miss.
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