The potential of artificial intelligence (AI) for large-scale governance is a source of great enthusiasm for authorities.
The U.S. Department of the Treasury is using AI to fight counterfeit checks.
A noteworthy recovery of more than $375 million connected to forged checks has been announced by the Treasury. The use of artificial intelligence in the development of an enhanced detecting system is responsible for this remarkable accomplishment.
Artificial intelligence (AI) enhances and speeds operations to recover potentially fraudulent payments from financial institutions and mitigate check fraud in almost real-time.
The commercial sector has embraced AI technology to quickly detect and flag questionable transactions, making it possible to detect check fraud almost instantly.
The Treasury put the mechanism in place in response to the notable spike in check fraud, which, along with other kinds of fraud, has increased significantly during the COVID-19 epidemic. Cases of check fraud have increased by almost 385 percent compared to pre-pandemic levels.
The number of Suspicious Activity Reports (SARs) pertaining to check fraud that banking institutions sent to the banking Crimes Enforcement Network (FinCEN) increased significantly in 2022, from 350,000 in 2021 to 680,000 in 2022.
Artificial Intelligence (AI) technology, together with the cooperation of law enforcement and OPI, has led to a number of continuing investigations and fraud-related arrests.
Linda Miller, the founder and CEO of Audient Group and a former deputy executive director of the Pandemic Response Accountability Committee (PRAC), discusses the lessons learned from the pandemic and the ongoing difficulties federal agencies face in combating fraud in a Federal News Network article.
Miller highlights that these agencies still struggle to comprehend the full scope of the fraud problem, in addition to issues with data management, insufficient incentives, and keeping up with the quickly advancing technological landscape.
Miller called on Congress to create a centralized antifraud agency to address the issues with data, accountability, and technology that she says are impeding fraud prevention efforts at all levels of government.
She, like other experts, says government leaders must take immediate action to equip themselves with additional fraud prevention tools and ensure they are held accountable for preventing the recurrence of past mistakes.
