Treasury Department now using AI to save taxpayers billions of dollars
The latest benefit from the artificial intelligence revolution: saving American taxpayers billions of dollars.
The latest benefit from the artificial intelligence revolution: saving American taxpayers billions of dollars.
The Treasury Department said its increased use of artificial intelligence in fraud detection helped prevent or recover more than $4 billion in losses over the past year.
In a release Thursday, officials said the Treasury Department had been leaning especially into machine learning, which involves analyzing large quantities of data, to detect patterns of fraud commonly used by criminals.
The results included:
“Treasury takes seriously our responsibility to serve as effective stewards of taxpayer money,” Deputy Treasury Secretary Wally Adeyemo said in a statement. "Helping ensure that agencies pay the right person, in the right amount, at the right time is central to our efforts."
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