TheU.S.TreasuryDepartmentannouncedasignificantbreakthroughinitsfightagainstfinancialfraud,revealingthatartificialintelligencehashelpedrecoverastaggering$4billionin“fraudandimproperpayments”duringthe2024fiscalyear.
Thefigurerepresentsasubstantialincreasefromthepreviousyear,whenAI-poweredsystemsrecovered$652.7millioninfraudulentfunds,accordingtotheTreasuryDepartment’spressrelease.
TheTreasuryDepartmentbeganquietlyimplementingmachinelearningalgorithmsinlate2022,leveragingtheirabilitytoanalyzevastdatasetsandidentifypatternsthathumananalystsmightmiss,asCointelegraphreported.
DeputySecretaryoftheTreasuryWallyAdeyemostatedintheTreasury’spressreleasethatthedepartmentiscommittedtoprotectingtaxpayerdollars,andadded:
Treasurytakesseriouslyourresponsibilitytoserveaseffectivestewardsoftaxpayermoney.Helpingensurethatagenciespaytherightperson,intherightamount,attherighttimeiscentraltoourefforts,
TheTreasuryDepartmentcurrentlyhandlesover1.4billionpaymentsannually,totaling$6.9trillionformorethan100millionpeopleperyear.InMay,thedepartmentannouncedplanstoexpanditsuseofAItobolstergovernmenteffortstocombatfinancialcrimes.
TheuseofAItostrengthentheTreasury’soperationscomesatatimeinwhichJPMorganChaseCEOJamieDimonissuedamajorwarningabouttheglobaleconomicsituationoverongoinggeopoliticalthreatscomingfroman“evilaxis”thatshows“thatconditionsaretreacherousandgettingworse.”
Dimon’swordscameinapressreleasefromthefinancialgitaccompanyingitsthird-quarterearnings,whichbeatanalysts’expectationsandsawthebanksetaside$1billionmoreinreservetocovergrowinglossesfromunpaidloans.
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