In a statement released Thursday, officials reported that the department's increased use of AI in fraud detection has prevented or recovered more than $4 billion over the past year.
Machine learning allows for more precise identification of suspicious activity, helping to stem the tide of fraud that has surged since the pandemic.
Deputy Secretary of the Treasury Wally Adeyemo emphasized the importance of the department's AI-driven efforts, stating, 'Treasury takes seriously our responsibility to serve as effective stewards of taxpayer money.'
While the Treasury Department is keeping the specific details of its AI strategies confidential, officials said they intend to share resources and insights with other federal agencies.
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