The agency credited the increase to its new data-driven approach to fraud detection.
That includes using machine learning to identify instances of fraud and to prioritize high-risk transactions for further investigation.
Treasury takes seriously our responsibility to serve as effective stewards of taxpayer money.
The Treasury processes more than 1.6 billion payments annually for federal programs.© William Thomas Cain/Getty Images
Weve made significant progress during the past year in preventing over $4 billion in fraudulent and improper payments.
Both government agencies and financial institutions have increasingly come to rely on machine learning algorithms to identify fraudulent actors.
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