October 18, 2024

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

In this article:

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.

https://edition.cnn.com/2024/10/17/business/ai-fraud-treasury/index.htm

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