Financial fraud
Treasury Department Recovers Over $375M With AI-Powered Check Fraud Detection
The Department of the Treasury has recovered over $375 million after it embraced an artificial intelligence-powered fraud detection process in late 2022.
The decision to incorporate AI into Treasury operations comes with a growing number of check fraud cases. The department shared that suspicious activity related to check fraud nearly doubled between 2021 and 2022, with 680,000 Suspicious Activity Reporting System cases filed.
The department also shared that it is also a victim of check-related fraud. It is responsible for sending out payments for over 300 federal agencies. The payments include tax refunds and Social Security payments, Nextgov/FCW reported.
In a statement, Wally Adeyemo, deputy secretary of the Treasury, said the department is committed to ensuring the safety of taxpayer money by focusing on payment integrity and ensuring benefits paid through checks get to the people meant to receive them.
The agency has been improving every aspect of its operations. In 2022, Treasury Secretary Janet Yellen expressed her commitment to improving the Internal Revenue Service’s workforce and technology to enhance the customer experience.
On March 21, join the Potomac Officers Club’s 5th Annual AI Summit, where federal leaders and industry experts converge to explore the transformative power of artificial intelligence.
Category: Digital Modernization
Tags: AI-powered technology artificial intelligence digital modernization fraud detection Janet Yellen Nextgov/FCW Social Security US Treasury Department Wally Adeyemo
