AI’s $4Bn Fraud Bust

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AI is helping the federal government fight financial crimes.

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The results so far have been impressive:

1. Machine learning AI helped the U.S. Treasury Department recover $1Bn worth of check fraud in fiscal 2024, nearly 3x more than in the prior year period.

2. Altogether, AI helped officials prevent and recover more than $4Bn of fraud in fiscal 2024, a 6x increase from the prior year.

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Other federal government departments are also ramping up their use of AI. The IRS uses the technology to detect tax cheats by examining complex returns from corporations with more than $10Bn in assets, and the Social Security Administration (SSA) uses it to expedite disability benefit determinations.

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AI solves crimes, saves billions, and makes even the feds look tech-savvy.