US Treasury Has Used AI to Catch $1B in Fraud This Year

The Facts

• The US Treasury Department used artificial intelligence (AI) to recover $1B in check fraud during the 2024 fiscal year. AI was also used to recover other types of fraud, bringing the total amount recovered to $4B, which is six times that recovered last year.

• A Treasury official said they used AI to find "hidden patterns" of fraud, though exactly how AI was used was not disclosed. Besides check fraud, this saved $2.5B by preventing high-risk transactions and $500M from "risk-based" screenings.

• While significant progress has been made for the Treasury, which processes an annual 1.4B payments worth $6.9T, a Government Accountability Office report showed the government still loses between $233B and $521B in fraud every year.