PYMNTS.com October 22, 2024
The U.S. Treasury Department’s artificial intelligence system may be starting to do what armies of auditors have long struggled to achieve: curb financial crime more effectively.
According to Treasury officials, a detection system, powered in part by AI, has saved taxpayers $3.8 billion in its first year by freezing suspicious transactions and clawing back ill-gotten payments. Now, businesses are racing to replicate this success, marking a significant moment in the fight against financial fraud.
“With the right partners, the government will undoubtedly be successful in fraud prevention using AI — there are already many examples of such successes,” Shree Taylor, VP of Data Analytics and Innovation at Elder Research, told PYMNTS. “Other entities in the commercial and financial sectors are...
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