AI’s $4Bn Fraud Bust

TODAY’S STORY

AI is helping the federal government fight financial crimes.

The results so far have been impressive:

1. Machine learning AI helped the U.S. Treasury Department recover $1Bn worth of check fraud in fiscal 2024, nearly 3x more than in the prior year period.

2. Altogether, AI helped officials prevent and recover more than $4Bn of fraud in fiscal 2024, a 6x increase from the prior year.

Other federal government departments are also ramping up their use of AI. The IRS uses the technology to detect tax cheats by examining complex returns from corporations with more than $10Bn in assets, and the Social Security Administration (SSA) uses it to expedite disability benefit determinations.

AI solves crimes, saves billions, and makes even the feds look tech-savvy.

OUR PICKS

Here are today’s recs to help you live a smarter life…

1. Fix it with Craftsman.

This tool set contains a full assortment of sockets, ratchets, wrenches, and specialty bits for automotive enthusiasts and mechanics, packed in a durable 3-drawer box. $100 off for a limited time.*

2. Quiet and smooth to adjust height.

This ergonomic electric standing desk is an excellent addition to any room.*

3. An essential golf accessory.

Keep your golf grooves clean with the Jiskan Brush. It makes for a great gift to both men and women.*

#SHORTS

The FTC is finally making it easier to cancel your gym membership

@boringbusinesskieran

The FTC is finally making it easier to cancel your gym membership 🏋️💳 #business #subscription #membership #gyms #planetfitness

Watch on: TikTok, YouTube, Instagram

PREVIOUS STORIES

• Weight-loss drug leaders engage in pricing war — Eli Lilly and Novo Nordisk are slashing prices to encourage more health plans to cover the medicine.

• McDonald’s Subculture Marketing Speaks to Gen Z — McDonald’s captures Gen Z’s attention by incorporating “fan truths” and subculture marketing.

• Automakers Are Helping Insurance Companies Spy on You — How your automaker might secretly share your driving habits with insurance companies, leading to higher rates, and what you can do about it.

• Why Macy’s is moving into strip malls — Annual visits to strip malls were up 18% in 2023 compared to before the pandemic.

• Alternative Investments: Family Offices Can’t Get Enough — Family offices increase their exposure to alternative investments to take advantage of illiquidity premiums.

To read the web version of previous stories, click here

If you have any comments or feedback, just respond to this email.

Thanks for reading,
Kieran & Justin Ryan