⚡ Regulators Harness AI to Protect National Treasury
posted 18 Oct 2024
The U.S. Department of the Treasury has reported notable success in combating fraud, aided by the introduction of innovative technologies like AI-powered machine learning. These tools have significantly boosted the department's ability to detect and prevent fraudulent schemes.
More than $4 billion has been recovered for the national treasury this year alone.
This achievement underscores the effectiveness of a revamped strategy aimed at fortifying the protection of public funds. Thanks to advanced data analytics, Treasury professionals are able to swiftly identify and prevent suspicious transactions.
AI Streamlines the Processing of Massive Data Sets
Regulatory agencies boasted about their accomplishments in key areas:
- Blocking High-Risk Transactions: AI detected and neutralized fraud worth $2.5 billion.
- Fighting Fake Checks: Machine learning enabled the recovery of $1 billion from check forgeries.
- Optimizing Operations: New technology helped save $180 million by streamlining payment processes.
- Proactive Safeguarding: Enhanced screening based on risk assessments prevented potential losses of $500 million.
Wally Adeyemo, Deputy Secretary of the Treasury, emphasized that these results prove the Treasury's dedication to safeguarding taxpayer dollars. He noted that the success rate in fighting financial crimes improves significantly through collaboration with other federal agencies.
The Treasury is actively sharing data and creating unified fraud prevention strategies alongside the FBI and CIA. Moreover, its partnership with the Department of Labor plays a key role in detecting and preventing unemployment fraud.
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