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The U.S. Treasury Department has recovered more than $375 million since the beginning of fiscal year 2023 thanks to the implementation of a new advanced fraud detection process
This was stated in the official statement of the American financial department published on Wednesday, Ukrinform reported.
“Check fraud has increased 385 percent nationwide since the pandemic. “To overcome this, the Treasury Department’s Office of Payment Transparency (OPI) within the Bureau of Financial Services has implemented an advanced process that uses artificial intelligence.”
At the same time, it is stated that thanks to the new technology, the verification of payments is carried out practically and in real time. It also paved the way for criminal cases and arrests by U.S. law enforcement.
Deputy Minister of Finance Wally Adeyemo said, “We are using the latest technological advances to improve the fraud detection process, and artificial intelligence has allowed us to accelerate the detection of such cases and the recovery of tax revenues.” said.
As reported, in 2021, US financial institutions recorded more than 350,000 cases of check fraud. This exceeded similar statistics in 2020 by 23%. Since then, the trend of fraud has been increasing in the USA.
Source: Ukrinform
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