AI is being used to catch billions of dollars worth of fraud

AI has helped to recover US$4 billion worth of American taxpayers' money in 2024

Stars Insider

18/10/24 | StarsInsider

LIFESTYLE Technology

Financial fraud is increasing at an alarming rate and is expected to reach almost US$400 billion in the next four years. That is why the federal government has begun deploying AI to help combat the problem-and it’s working.

So far, AI has aided the US Treasury Department in recovering $4 billion worth of fraud this year alone, with $1 billion being check fraud. That is six times the amount that was recovered in 2023, and it's helped to protect people receiving Social Security, Medicaid payments, tax refunds, federal worker paychecks, and much more. However, this year has also seen a sharp rise in deep fake videos that are being used to trick people into parting with their money.

So, is AI a blessing or a curse? Click on and join us as we explore what our future with artificial intelligence might hold, both good and bad.

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