2024-10-18 14:25 |
The US Department of the Treasury announced that it has prevented and recovered over $4 billion in fraud and improper payments during the 2024 fiscal year, leveraging machine learning and artificial intelligence (AI) technologies.
According to the Treasury’s Oct. 17 statement, this $4 billion figure includes funds both recovered and those stopped before fraudulent transactions could occur, spanning the period from October 2023 to September 2024.
This marks a significant increase from the $652.7 million recovered and prevented during the 2023 fiscal year. The Treasury attributed the rise to its intensified efforts in preventing fraud and safeguarding customer transactions.
In FY 2024, the Treasury expanded its risk-based screening process, which successfully prevented the loss of $500 million in fraud. The department also prioritized high-risk transactions, resulting in $2.5 billion in fraud prevention.
Additionally, the department reported using AI-driven machine learning to expedite the recovery of $1 billion linked to Treasury check fraud. It also implemented more efficient payment processing schedules, which helped prevent another $180 million in fraudulent activity.
These accomplishments come as financial fraud continues to rise globally, with online payment fraud projected to surpass $362 billion cumulatively by 2028. In response, the Treasury is prioritizing using emerging technologies like AI and machine learning to mitigate these risks.
The Treasury is focusing on building partnerships to strengthen its payment integrity systems further. In May 2023, it entered a data-sharing agreement with the Department of Labor as part of these efforts.
Treasury Deputy Secretary Wally Adeyemo emphasized the department’s commitment to its role as a steward of public funds. Adeyemo said:
“Treasury takes seriously our responsibility to serve as effective stewards of taxpayer money. Helping ensure that agencies pay the right person, in the right amount, at the right time is central to our efforts.”
The Treasury currently handles about 1.4 billion payments annually, with a total value of $6.9 trillion for more than 100 million people.
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