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.
Mentioned in this article
Wally Adeyemo
Posted In:
US
,
AI
,
Crime
Author
Oluwapelumi Adejumo
Journalist at CryptoSlate
Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
@hardeyjumoh
LinkedIn
Email Oluwapelumi
Editor
Liam ‘Akiba’ Wright
Editor In Chief at CryptoSlate
Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
@akibablade
LinkedIn
Email Editor
Ad
CryptoSlate on Substack
cryptoslate.substack.com
Daily digest of top crypto stories and market insights. Never miss out.
Join 90k+ subscribers
Latest
US
Stories
Institutional demand and rising ETP flows signal Bitcoin breakout – VanEck
Crypto
2 days ago
VanEck also highlighted a strengthening correlation between ETP flows and Bitcoin’s price movements.
Fed official touts DeFi as ally, not rival, to traditional finance
DeFi
2 days ago
Christopher J. Waller highlighted that DeFi tackles challenges presented by intermediaries, such as excessive costs and necessity of trust.
Radiant Capital teams with US law enforcement after $50M DeFi hack
Hacks
2 days ago
Radiant Capital has updated its platform’s security measures following the attack.
Survey suggests Democrat voters see crypto as slightly more important to election than Republicans
Election 2024
2 days ago
The survey showed that Black voters do prioritize crypto in upcoming 2024 election.
Latest Press Releases
View All
Limited-Edition $DOG Plushies to Launch on October 19, 2024, Bridging Digital and Physical Collectibles
Chainwire
12 hours ago
Ape On Launches Innovative Token Locking for Secure Project Launches on Solana
Chainwire
2 days ago
$KERORO Hits Solana With A Seismic Shift Expected
Chainwire
2 days ago
Disclaimer:
Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
