The Department of the Treasury’s Office of Payment Integrity, or OPI, has implemented an artificial intelligence-powered fraud detection process to address the rapid increase in check fraud cases.
Treasury said Wednesday the AI-based process has helped OPI mitigate check fraud in near real-time and speed up fraud recovery processes, enabling the department to recover potentially fraudulent payments worth over $375 million since late 2022.
“We are using the latest technological advances to enhance our fraud detection process, and AI has allowed us to expedite the detection of fraud and recovery of tax dollars,” said Wally Adeyemo, deputy secretary of the Treasury.
The number of check fraud-related suspicious activity reports nearly doubled in 2022 when financial institutions filed over 680,000 SARs to the Financial Crimes Enforcement Network compared to over 350,000 filed in 2021.
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