The Treasury Department has reported that its increased use of AI in fraud detection has prevented or recovered more than $4 billion over the past year.
Treasury Deputy Secretary Wally Adeyemo stated, 'Helping ensure that agencies pay the right person, in the right amount, at the right time is central to our efforts.'
The department saved $2.5 billion by stopping high-risk transactions, $1 billion recovering check fraud, and $500 million through enhanced screening techniques.
AI's role is crucial as online payment fraud is expected to exceed $362 billion by 2028, with check fraud surging 385% since the pandemic.
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