This is a significant boost from the $652.7 million recovered and prevented during the 2023 fiscal year, attributed to intensified efforts in preventing fraud and safeguarding customer transactions.
The Treasury expanded its risk-based screening process, prioritized high-risk transactions, and implemented more efficient payment processing schedules, preventing losses of $500 million, $2.5 billion, and $180 million, respectively.
The US Department of the Treasury has announced that it has recovered and prevented over $4 billion in fraud and improper payments during the 2024 fiscal year, leveraging machine learning and artificial intelligence (AI) technologies. In addition, the Treasury is focusing on constructing partnerships to strengthen its payment integrity systems further. The department also used AI-driven machine learning to recover $1 billion linked to Treasury check fraud.
As financial fraud continues to rise globally, the Treasury is prioritizing the use of emerging technologies like AI and machine learning to mitigate these risks. In May 2023, it entered a data-sharing agreement with the Department of Labor as part of these efforts.
