The US Department of the Treasury has announced a significant advancement in fraud prevention, leveraging machine learning and artificial intelligence (AI) technologies to prevent and recover over $4 billion in fraud and improper payments during the 2024 fiscal year. This includes funds recovered and those stopped before fraudulent transactions could occur from October 2023 to September 2024. The Treasury attributed this success to intensified efforts in preventing fraud and safeguarding customer transactions. By expanding risk-based screening processes and prioritizing high-risk transactions, the department prevented the loss of $500 million and $2.5 billion in fraud, respectively. Additionally, AI-driven machine learning expedited the recovery of $1 billion linked to Treasury check fraud. The Treasury's focus on using emerging technologies like AI and machine learning aligns with the global rise in financial fraud, with online payment fraud projected to exceed $362 billion by 2028. Through partnerships and data-sharing agreements, the Treasury aims to strengthen its payment integrity systems further, emphasizing its commitment to serving as effective stewards of taxpayer money. Read more AI-generated news on: https://app.chaingpt.org/news

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