Machine learning AI has helped the U.S. Department of the Treasury prevented and recover more than $4 billion in fraudulent or improper payments during 2024.

The sharp rise represents a six-fold increase from last year, when the Treasury detected and recovered $652.7 million.

The Treasury’s Office of Payment Integrity (OPI), part of the Bureau of the Fiscal Service, said in a report it’s been using “machine learning AI” to detect high-risk transactions and expedite the identification of check fraud.

“Treasury takes seriously our responsibility to serve as effective stewards of taxpayer money,” Deputy Secretary of the Treasury Wally Adeyemo said in a press release. “Helping ensure that agencies pay the right person, in the right amount, at the right time is central to our efforts.”

With online payment fraud expected to exceed $362 billion by 2028, Adeyemo said the Treasury would continue partnering with other federal agencies to provide the tools and data needed to combat fraud effectively.

According to the U.S. Treasury, AI models helped identify high-risk transactions, preventing $2.5 billion in fraud, while Treasury’s check fraud detection systems facilitated the recovery of $1 billion.

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Author: Vismaya V