US Treasury’s Innovative Use of Artificial Intelligence Recovers $4 Billion
US Treasury's AI Initiative
The U.S. Treasury Department successfully recovered over $4 billion in fraud during fiscal 2024, leveraging advanced machine learning technologies. This achievement is a significant increase compared to the $652.7 million recovered in fiscal 2023, showcasing the effectiveness of the Treasury's initiatives.
Key Strategies and Recoveries
- Identifying High-Risk Transactions: The Treasury's Office of Payment Integrity (OPI) prioritized detecting high-risk transactions, leading to the recovery of $2.5 billion.
- Machine Learning AI Tools: An additional $1 billion was recovered through swift identification of Treasury check fraud via machine learning.
- Preventive Measures: The introduction of expanded risk-based screening helped prevent $500 million in potential fraud losses.
Efficiencies in Payment Processing
Notably, enhancements in payment processing schedules contributed to preventing another $180 million in improper payments, emphasizing the role of technology in safeguarding public funds. The impact of AI implementation is clear, revolutionizing the way the U.S. Treasury combats fraud.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.