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The Treasury Department is taking advantage of artificial intelligence (AI) to prevent or recover check fraud and stopped more than $1 billion in fraudulent payments over the past year, the agency announced Thursday.



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AI helped the feds catch $1 billion of fraud in one year. And it’s just getting started

The federal government’s bet on artificial intelligence to fight financial crime appears to be paying off.

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AI helped Uncle Sam catch $1 billion of fraud in one year. And it’s just getting started

By Matt Egan, CNN New York (CNN) — The federal government’s bet on using artificial intelligence to fight financial crime appears to be paying off. Machine learning AI helped the US Treasury Department to sift through massive amounts of data and recover $1 billion worth of check fraud in fiscal 2024 alone, according to new estimates shared first with CNN. That’s nearly triple what the Treasury recovered in the prior fiscal year. “It’s really bee…

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The Treasury Department is taking advantage of artificial intelligence to prevent or recover check fraud and stopped more than $1 billion in fraudulent payments over the past year.

Treasury Department uses AI to recover $1 billion in fraud

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Washington

District of Columbia

The technology helped recover $1.3bn in tax fraud in the 2024 fiscal year, says the Treasury.

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AI helping US Treasury bust fraudsters, saving billions

The Treasury says it identified or recovered $4 billion in fraudulent payments last fiscal year, a sixfold increase over the previous year.

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US Treasury Says AI Tools Prevented $1 Billion of Fraud in 2024

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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 …

Treasury Department uses AI to recover $1 billion in fraud

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