- 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.
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
2024-06-04T14:10:00Z By Kyle Brasseur
The Equal Employment Opportunity Commission announced the appointment of an officer overseeing the use of artificial intelligence, becoming the latest agency to create the role called for in a President Joe Biden executive order.
2024-03-20T19:41:00Z By Jeff Dale
Data center owner Equinix boasts artificial intelligence as a boon to business when power consumption costs related to implementing AI could be detrimental to its profitability, according to short seller Hindenburg Research.
2024-02-27T19:01:00Z By Aaron Nicodemus
Andrea Gacki, head of the Financial Crimes Enforcement Network, said recent enforcement actions by the agency have addressed significant gaps in the U.S. anti-money laundering/countering the financing of terrorism regime and exposed specific risk factors, trends, and typologies.
2025-02-03T12:00:00Z By Neil Hodge
Efforts to clarify the circumstances in which artificial intelligence models may or may not be violating the General Data Protection Regulation could result in yet more confusion for tech firms, companies deploying the technology, and even data protection authorities, according to experts.
2025-01-14T17:13:00Z By Oscar Gonzalez
In tandem with the Commerce Department’s Bureau of Industry and Security, the Biden administration issued a new rule on export controls of domestically produced artificial intelligence chips.
2024-12-30T21:00:00Z By Aaron Nicodemus
Launching or expanding a corporate data analytics program for compliance can seem like a daunting task, but it is one worth adding to your to-do list in 2025.
Site powered by Webvision Cloud