Artificial intelligence has been used to trick people into everything calling voters for fake celebrity gifts. Now the US Treasury Department claims Machine learning has played an important role in artificial intelligence With improved fraud detection over the past year — if a broken watch can survive twice a day, maybe AI can do something good for once?
In the new release, the Treasury says it prevented and recovered more than $4 billion in “fraud and improper payments” in its last fiscal year (October 2023 to September 2024). This figure represents a huge increase compared to the previous year, which reached only $652.7 million. Apparently, a quarter of the $4 billion comes from the recovery by “accelerating Treasury check fraud detection with machine learning AI.” Again, a bit like making a deal with the devil? Yes. But so is 2024.
The $1 billion comes alongside $2.5 billion for prevention “identification and prioritization of high-risk operations” and another $680 million for additional prevention methods.
Treasury plans to share the technology with other federal agencies, though some have already implemented their own. IRSfor example, it has taken steps to use artificial intelligence to find tax evaders, automate services and conduct audits.
