The U.S. Department of the Treasury used artificial intelligence to analyze data, which helped prevent fraud and recover more than $4 billion in the 2024 fiscal year. This is six times more than the previous reporting period, when the recovery amount was $652.7 million, according to the department.
AI Achievements in Fraud Prevention
AI algorithms assisted the Treasury in identifying and preventing various fraud schemes, including:
- $500 million in prevented fraudulent transactions through advanced risk-based screening.
- $2.5 billion from identifying and prioritizing high-risk operations.
- $1 billion returned through accelerated verification of Treasury check fraud.
- $180 million saved through improved payment processing.
The Importance of AI for the Department
Since the end of 2022, the Treasury has been actively applying machine learning to analyze vast amounts of data and make more accurate decisions.
“Fraudsters are skilled at hiding, attempting to deceive the system. AI helps identify hidden patterns and prevent such actions,” said Renata Miskell, a Treasury spokesperson.
Successful AI Use Cases
In August, Binance also used AI to prevent the theft of more than $2.4 billion in user funds, highlighting the importance of these technologies in the fight against fraud.
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