The US Treasury Department has increasingly turned to artificial intelligence to combat fraud, successfully preventing $4bn in improper payments in fiscal year 2024.
Treasury official Renata Miskell emphasized the transformative effect of AI, stating that while it uncovers hidden fraudulent patterns, human oversight remains essential in identifying fraud.
The Treasury handles about 1.4bn payments annually, totaling over $6.9 trillion, indicating the substantial responsibility they undertake to prevent improper payouts.
The IRS, following the Treasury's lead, is also integrating AI in its operations to enhance tax fraud prevention, recovering $1.3bn from affluent taxpayers in recent efforts.
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