{"id":17879,"date":"2024-10-18T13:26:29","date_gmt":"2024-10-18T10:26:29","guid":{"rendered":"https:\/\/forklog.com\/en\/us-treasury-harnesses-ai-to-combat-4-billion-in-fraud\/"},"modified":"2024-10-18T13:26:29","modified_gmt":"2024-10-18T10:26:29","slug":"us-treasury-harnesses-ai-to-combat-4-billion-in-fraud","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/us-treasury-harnesses-ai-to-combat-4-billion-in-fraud\/","title":{"rendered":"US Treasury Harnesses AI to Combat $4 Billion in Fraud"},"content":{"rendered":"<p>The US Department of the Treasury <a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy2650\">employed<\/a> artificial intelligence to analyze data and recover over $4 billion obtained through fraud and misconduct in the 2024 fiscal year.<\/p>\n<p>Through the use of AI, the department managed to reclaim six times more funds compared to the previous reporting period, when the amount was $652.7 million, the Treasury noted.<\/p>\n<p>The ministry provided a detailed account of the results achieved through the application of neural networks:<\/p>\n<ul class=\"wp-block-list\">\n<li>expansion of risk-based screening prevented criminal transactions worth $500 million;<\/li>\n<li>identification and prioritization of high-risk operations accounted for $2.5 billion;<\/li>\n<li>accelerated detection of fraud involving treasury checks led to the recovery of $1 billion;<\/li>\n<li>enhanced efficiency in payment processing schedules halted fraud amounting to $180 million.<\/li>\n<\/ul>\n<p>At the end of 2022, the Treasury began utilizing machine learning based on artificial intelligence\u2014a technology for analyzing vast amounts of data, forecasting, and decision-making based on the information obtained.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Fraudsters are indeed adept at hiding. They try to deceive the system. AI and data usage help uncover hidden patterns and anomalies and work on preventing them,&#8221; <a href=\"https:\/\/edition.cnn.com\/2024\/10\/17\/business\/ai-fraud-treasury\/index.html\">remarked<\/a> Treasury representative Renata Miskell.<\/p>\n<\/blockquote>\n<p>In August, Binance <a href=\"https:\/\/forklog.com\/en\/news\/binance-utilises-ai-to-combat-fraud\">prevented the theft<\/a> of over $2.4 billion in user funds using AI.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The US Department of the Treasury employed artificial intelligence to analyze data and recover over $4 billion obtained through fraud and misconduct in the 2024 fiscal year. Through the use of AI, the department managed to reclaim six times more funds compared to the previous reporting period, when the amount was $652.7 million, the Treasury [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17878,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[438,1246,1490,26],"class_list":["post-17879","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-artificial-intelligence","tag-scammers","tag-us-treasury","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"34","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/17879","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=17879"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/17879\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/17878"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=17879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=17879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=17879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}