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🇺🇸The Ministry of Finance uses Artificial Intelligence to prevent $4 billion fraud for FY 2024
The Central Payment Office of the US Department of the Treasury is deploying Artificial Intelligence and Machine Learning and enhanced processes to prevent and recover $4 billion in fraudulent payments in this fiscal year (October 2023 - September 2024).
📊 Main highlights:
$2.5B saved from high-risk transaction screening
$1B is recovered through AI-based cheque fraud detection.
$500M in preventing through risk-based screening expansion
$180 million is saved through effective payment scheduling
The Treasury is also enhancing public-private partnerships, including sharing data with state agencies to prevent unemployment benefit fraud.
With the increasing threat of $362 billion in online payment fraud by 2028, the Ministry of Finance remains committed to protecting taxpayers' funds through advanced technology and proactive solutions.