U.S. Treasury Department uses AI to save taxpayers over $4 billion

The U.S. Treasury Department is using artificial intelligence to enhance fraud detection, saving taxpayers over $4 billion in the past year. This effort focuses on machine learning to identify fraud patterns. Treasury officials noted the importance of ensuring accurate payments to the right individuals. They plan to share their AI strategies with other federal agencies. Online payment fraud is projected to exceed $362 billion by 2028, with check fraud increasing significantly since the pandemic. The IRS is also utilizing AI to improve tax compliance and reduce unnecessary audits.