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AI has been used to defraud people through everything from to . Now, the US Treasury Department claims in its enhanced fraud detection processes over the past year — if a broken clock can be right twice a day, maybe AI can do something good one time?
In a new release, the states it prevented and recovered "fraud and improper payments" worth over $4 billion over the last fiscal year (October 2023 to September 2024). This number represents a tremendous increase from the previous year, which reached just $652.7 million. One-fourth of the $4 billion apparently comes from recovery by "expediting the identification of Treasury check fraud with machine learning AI." Again, does it feel a bit like making a deal with the devil? Yes. But, such is 2024.
The $1 billion comes alongside $2.5 billion in prevention from "identifying and prioritizing high-risk transactions" and another $680 million toward additional prevention techniques.
plans to share the technology with other federal agencies, though some have already implemented their own. , for example, has taken steps to use AI to find tax evaders, automate services and conduct audits.
This article originally appeared on Engadget at
Console Bang News!
In a new release, the states it prevented and recovered "fraud and improper payments" worth over $4 billion over the last fiscal year (October 2023 to September 2024). This number represents a tremendous increase from the previous year, which reached just $652.7 million. One-fourth of the $4 billion apparently comes from recovery by "expediting the identification of Treasury check fraud with machine learning AI." Again, does it feel a bit like making a deal with the devil? Yes. But, such is 2024.
The $1 billion comes alongside $2.5 billion in prevention from "identifying and prioritizing high-risk transactions" and another $680 million toward additional prevention techniques.
plans to share the technology with other federal agencies, though some have already implemented their own. , for example, has taken steps to use AI to find tax evaders, automate services and conduct audits.
This article originally appeared on Engadget at
Console Bang News!