Machine Learning AI Helped Detect $4 Billion Worth of Fraud in 2024, Says US Treasury

Quick Summary:

AI models helped the department prevent $2.5 billion in fraud, while its check fraud detection systems facilitated the recovery of $1 billion.

Established under the Payment Integrity Information Act of 2019, the Do Not Pay Working System (DNP) is a centralized platform managed by the U.S.

The sharp rise represents a six-fold increase from last year, when the Treasury detected and recovered $652.7 million.

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Article Details

Author / Journalist: Vismaya V

Category: Crypto

Markets: Estonia

Topics: Fraud Treasury Artificial Intelligence AI Artificial intelligence Scams Us treasury department

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-18 @ 12:54:02 (15 hours ago)

News Timezone: GMT +8:00

News Source URL: decrypt.co

Language: English

Article Length: 500 words

Reading Time: 3 minutes read

Sentences: 17 lines

Sentence Length: 30 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Decrypt

News ID: 23120280

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About Decrypt

Main Topics: Crypto

Official Website: decrypt.co

Update Frequency: 2 posts per day

Year Established: 2018

Headquarters: Estonia

News Last Updated: 22 hours ago

Coverage Areas: Estonia

Ownership: Independent Company

Publication Timezone: GMT +8:00

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Publisher ID: #63

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