The US Treasury utilized artificial intelligence and machine learning to recover $4 billion in fraud and improper payments during the 2024 fiscal year. This marks a significant increase from the previous year's recovery of $652.7 million. Since late 2022, the Treasury has been leveraging AI to analyze vast amounts of data, enabling better detection and prevention of fraud activities. Treasury official Renata Miskell emphasized the transformative impact of data-driven strategies in combating fraud, stating that fraudsters often hide their activities effectively. Deputy Secretary of the Treasury Wally Adeyemo highlighted the agency's commitment to responsible management of taxpayer funds. The Treasury processes around 1.4 billion payments annually, valued at $6.9 trillion, and announced plans to further expand its AI use for enhanced regulatory measures against financial crimes. The IRS has also adopted AI for identifying tax evasion in complex returns from entities such as hedge funds and law firms.

Source 🔗