US Treasury: AI Helped Recover and Prevent $4 Billion-Plus in Fraud

The U.S. Treasury Department has significantly increased its fraud and improper payments recovery to over $4 billion in 2024, up from $652 million in 2023. This success is attributed to a technology and data-driven approach, including the use of artificial intelligence and machine learning. Key prevention methods included expanded risk-based screening, identifying high-risk transactions, and implementing efficiencies in payment processing. The Treasury's efforts are crucial as online payment fraud is expected to surpass $362 billion by 2028.