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Recent advancements in machine learning have proven beneficial for the US Treasury Department, as it successfully recovered approximately $1 billion in fraudulent checks for fiscal year 2024. This represents a significant increase, nearly three times the previous year’s recoveries, showcasing AI's capacity to spot suspicious financial activities the human eye might overlook.
The Treasury’s success with AI highlights its role in facilitating faster detection of fraudulent transactions, allowing officials to intervene before money is lost. In total, AI-driven efforts have helped the department prevent and recover more than $4 billion worth of fraud this fiscal year, a huge leap from previous efforts.