US Treasury reports $4 billion in fraud recovery using AI technology

The US Treasury Department reports that it has used machine learning AI to enhance fraud detection, recovering and preventing over $4 billion in fraud and improper payments in the last fiscal year. This is a significant increase from $652.7 million the previous year. About $1 billion of the total came from identifying Treasury check fraud, while $2.5 billion was prevented by targeting high-risk transactions. An additional $680 million was allocated for other prevention methods. The Treasury plans to share this AI technology with other federal agencies. The IRS has already begun using AI to detect tax evasion and improve its services.