- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2024-02-29T16:46:00
The Treasury Department announced its success using artificial intelligence to track down instances of check fraud—a potential preview of the results that might come if the agency applies AI in other enforcement-related circumstances.
The Treasury said in a press release Wednesday it “recovered over $375 million as a result of its implementation of an enhanced fraud detection process that utilizes [AI] at the beginning of fiscal year 2023.”
Its focus on check fraud stemmed from instances of the practice skyrocketing since the Covid-19 pandemic. Suspicious activity reports conveying potential check fraud increased 21 percent during 2021 before doubling from there in 2022, the Treasury said.
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