AI helping US Treasury bust fraudsters, saving billions
Al Jazeera
The technology helped recover $1.3bn in tax fraud in the 2024 fiscal year, says the Treasury.
The United States Treasury Department is turning more to artificial intelligence (AI) to fight fraud, using the technology to thwart $4bn in improper payments in the last year.
The agency released the estimate in a press release Thursday announcing the success of its “technology and data-driven approach”.
In fiscal year 2024, which ran from October 2023 to September 2024, the Treasury used machine-learning AI to halt $1bn in cheque fraud, it said.
At the same time, its AI processes helped weed out $3bn in other improper payments, including by pinpointing at-risk transactions and improving screening, it added.
The $4bn total annual fraud prevention was six times higher than that captured in the previous year, according to the agency.
