American Banker1d
Treasury warns banks deepfake fraud is on the rise
The Treasury's financial crimes arm alerted banks to the dangers of AI-powered fraud, urging close monitoring and swift reporting of any suspicious activity.
Treasury Department uses AI to recover $1 billion in fraud
The Treasury Department is taking advantage of artificial intelligence (AI) to prevent or recover check fraud and stopped ...
Federal Reserve Financial Services' New FedDetect® Offering Tackles Commercial Check Fraud
Federal Reserve Financial Services (FRFS) today announced the expansion of FedDetect Duplicate Notification for Check ...
Government Executive29d
AI tools helped Treasury recover billions in fraud and improper payments
Advances in the use of machine learning to catch check fraud have resulted in $1 billion in recovery, the department says. Treasury says that its “risk-based screening” prevented $500 million ...
AI helped the feds catch $1 billion of fraud in one year. And it’s just getting started
Machine learning AI helped the US Treasury Department to sift through massive amounts of data and recover $1 billion worth of check fraud in fiscal 2024 alone, according to new estimates shared first ...
JD Supra2d
FinCEN Warns Financial Institutions of Fraud Schemes Arising from Deepfake Media Using Generative Artificial Intelligence
Today the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an Alert to help financial institutions identify ...
KOAT Albuquerque29d
AI helped the feds catch $1 billion of fraud in one year. And it’s just getting started
Machine learning AI helped the US Treasury Department to sift through massive amounts of data and recover $1 billion worth of check fraud in fiscal 2024 alone, according to new estimates shared ...