As a seasoned researcher with a keen interest in the intersection of technology and finance, I find the recent strides made by the United States Department of Treasury in utilizing artificial intelligence (AI) to combat fraud and improper payments truly inspiring. Having witnessed the rapid evolution of AI over the past few years, it’s fascinating to see how this technology is being harnessed for such a noble cause.
In simple terms, the U.S. Department of the Treasury announced that they employed artificial intelligence (AI) to analyze data and recoup approximately $4 billion in questionable or incorrect payments, during the financial year 2024.
On October 17th, the Treasury reported a significant increase in their recovery of funds from fraud, stating that their use of Artificial Intelligence this year allowed them to recoup almost four times as much as the previous fiscal year when they recovered approximately $652.7 million.
Towards the end of 2022, the Treasury Department began discreetly employing artificial intelligence (AI) with machine learning capabilities. This technology excels at processing extensive data, enabling it to make choices and forecasts based on its acquired knowledge.
According to Treasury official Renata Miskell, speaking with CNN, using data has significantly improved our ability to detect and prevent fraud. In simpler terms, she said it’s been a real game-changer.
“Fraudsters are really good at hiding. They’re trying to secretly game the system. AI and leveraging data helps us find those hidden patterns and anomalies and work to prevent them.”
The Deputy Secretary of the Treasury, Wally Adeyemo, expressed that we are committed and diligent in fulfilling our duty to manage public funds wisely.
By the year 2028, it’s forecasted that the total amount of fraud associated with online payments will exceed a staggering $362 billion, according to Juniper Research.
Yearly, the Treasury manages approximately 1.4 billion transactions, amounting to a staggering $6.9 trillion. Last month, the Treasury announced plans to broaden its application of Artificial Intelligence to bolster their regulatory and investigative actions against financial misconduct.
Other U.S. departments aren’t shying away from AI either. For instance, in September 2023, the Internal Revenue Service confirmed their use of artificial intelligence to identify tax evaders. They are focusing on intricate and extensive tax returns primarily from hedge funds and law firms.
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2024-10-18 09:22