AI helped the feds catch $1 billion of fraud in one year

[Harpy Eagle]

AI helped the feds catch $1 billion of fraud in one year. And it’s just getting started

The federal government’s bet on artificial intelligence to fight financial crime appears to be paying off.

finance.yahoo.com

Machine learning AI helped the US Treasury Department to sift through massive amounts of data and recover $1 billion worth of check fraud in fiscal 2024 alone, according to new estimates shared first with CNN. That’s nearly triple what the Treasury recovered in the prior fiscal year.

I am sure some people of a certain political leaning will find an issue to bitch about this, but to me it seems a good thing .

 

[1srelluc]

AI helped the feds catch $1 billion of fraud in one year. And it’s just getting started

The federal government’s bet on artificial intelligence to fight financial crime appears to be paying off.

finance.yahoo.com

Machine learning AI helped the US Treasury Department to sift through massive amounts of data and recover $1 billion worth of check fraud in fiscal 2024 alone, according to new estimates shared first with CNN. That’s nearly triple what the Treasury recovered in the prior fiscal year.

I am sure some people of a certain political leaning will find an issue to bitch about this, but to me it seems a good thing .

LOL....They would not have to look too hard with certain segments of our society......In the aftermath of Katrina people who were in jail (mostly black) got checks from FEMA.

The wife worked scores of such cases.

 

[Captain Caveman]

AI helped the feds catch $1 billion of fraud in one year. And it’s just getting started

The federal government’s bet on artificial intelligence to fight financial crime appears to be paying off.

finance.yahoo.com

Machine learning AI helped the US Treasury Department to sift through massive amounts of data and recover $1 billion worth of check fraud in fiscal 2024 alone, according to new estimates shared first with CNN. That’s nearly triple what the Treasury recovered in the prior fiscal year.

I am sure some people of a certain political leaning will find an issue to bitch about this, but to me it seems a good thing .

Makes you wonder about those employed by the treasury, and it makes you wonder about the ability of the treasury as an employer. All fraud wants cracked down on, but it begs the question, why are the staff so hopeless?

 

[Harpy Eagle]

Makes you wonder about those employed by the treasury, and it makes you wonder about the ability of the treasury as an employer. All fraud wants cracked down on, but it begs the question, why are the staff so hopeless?

Since 1990 the number of employees at the Dept of Treasury has gone down by 20% while the number of people in the United States has gone up by 38%.

The total number of people employed since 1990 has gone up by 49%.

The total number of business operating in the US since 1990 has gone up by 40%

So you have far fewer staff dealing with far more people and business and you want to attack them for not being able to keep up with finding fraud?

 

[Captain Caveman]

Since 1990 the number of employees at the Dept of Treasury has gone down by 20% while the number of people in the United States has gone up by 38%.

The total number of people employed since 1990 has gone up by 49%.

The total number of business operating in the US since 1990 has gone up by 40%

So you have far fewer staff dealing with far more people and business and you want to attack them for not being able to keep up with finding fraud?

Due to technology.

 

[Harpy Eagle]

Due to technology.

yes, the same technology that makes it easier to get away with cheating.

It works both ways.