The US Treasury is using AI (a vehicle for fraud) to detect fraud<p>AI has been used to defraud people through everything from <a data-i13n="cpos:1;pos:1" href="
https://www.engadget.com/phony-ai-biden-robocalls-reached-up-to-25000-voters-says-new-hampshire-ag-205253966.html">calling voters[/url] to <a data-i13n="cpos:2;pos:1" href="
https://www.engadget.com/taylor-swift-deepfake-used-for-le-creuset-giveaway-scam-123231417.html">faking celebrity giveaways[/url]. Now, the US Treasury Department claims <a data-i13n="cpos:3;pos:1" href="
https://home.treasury.gov/news/press-releases/jy2650">machine learning AI has played a critical part[/url] in its enhanced fraud detection processes over the past year — if a broken clock can be right twice a day, maybe AI can do something good one time? </p>
<p>In a new release, the <a data-i13n="cpos:4;pos:1" href="
https://www.engadget.com/us-treasury-finalizes-crypto-rules-to-prevent-tax-evasion-143051676.html">Treasury[/url] states it prevented and recovered "fraud and improper payments" worth over $4 billion over the last fiscal year (October 2023 to September 2024). This number represents a tremendous increase from the previous year, which reached just $652.7 million. One-fourth of the $4 billion apparently comes from recovery by "expediting the identification of Treasury check fraud with machine learning AI." Again, does it feel a bit like making a deal with the devil? Yes. But, such is 2024. </p>
<span id="end-legacy-contents"></span><p>The $1 billion comes alongside $2.5 billion in prevention from "identifying and prioritizing high-risk transactions" and another $680 million toward additional prevention techniques. </p>
<p><a data-i13n="cpos:5;pos:1" href="
https://www.engadget.com/treasury-department-crypto-scams-crackdown-140424883.html">The Treasury[/url] plans to share the technology with other federal agencies, though some have already implemented their own. <a data-i13n="cpos:6;pos:1" href="
https://www.gao.gov/blog/artificial-intelligence-may-help-irs-close-tax-gap">The IRS[/url], for example, has taken steps to use AI to find tax evaders, automate services and conduct audits. </p>This article originally appeared on Engadget at
https://www.engadget.com/ai/the-us-treasury-is-using-ai-a-vehicle-for-fraud-to-detect-fraud-123845481.html?src=rssSource:
The US Treasury is using AI (a vehicle for fraud) to detect fraud
