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The Treasury's initiatives to use AI in combating financial crime are in their nascent stages, with officials exploring existing fraud detection methods employed by banks and credit card companies. Ongoing efforts aim to bolster fraud detection capabilities across federal and state programs, specifically targeting areas like unemployment insurance fraud, which surged during the pandemic.
Through collaboration between the Treasury and state agencies, a unified strategy is being developed to tackle fraud more effectively. The shared exchange of information and resources serves to strengthen defenses against fraudsters, ensuring that funds meant for those in need are allocated correctly.