CNN headlines: AI helped the feds catch $1 billion of fraud in one year. And it’s just getting started

The US Treasury is getting smarter on catching check frauds. Machine learning (ML) is a subset of AI. The ML algorithms can identify patterns and anomalies that indicate fraudulent behavior, making it possible for businesses to detect and prevent fraud in real time.

CNN Link: AI helped the feds catch $1 billion of fraud in one year. And it’s just getting started

Forbes article from 2023, goes into more detail on different approaches. There are many articles on the internet. I selected this one, as it is not promoting one particle system.

Forbes, Nov 2023: https://www.forbes.com/councils/forbestechcouncil/2023/11/01/how-ai-and-machine-learning-help-detect-and-prevent-fraud/

Now, here’s the problem. If Trump gets elected, I expect fraud investigations will not have much priority. In fact, he may hate the Treasury Department and the Department of Justice efforts to investigate fraud using machine learning tools to comb through millions of records to find patterns of fraud.

It is because the Trump organization has been convicted of massive business fraud and must pay 464 million dollars (includes accrued interest). The case is now in the Appellate Court, which can reduce the fine. The bail required to proceed with the appeals was reduced.

Trump record of pardons and commutations is definitely towards very wealthy and corrupt business leaders.

In December 2020, Trump commuted the sentence of Philip Esformes who was convicted of a 1.6 billion dollar medicare fraud scheme. Prosecutors described him as the linchpin of the “largest single criminal health care fraud case ever brought against individuals by the Department of Justice.” The served 4 years in prison before Trump freed him.

It is totally hypocritical to claim that eliminating Medicare fraud is a priority, and then pardon those who commit massive fraud.

Link: Trump granted clemency to Medicare fraudsters before vowing to cut entitlement program abuse

Philip Esformes was recently arrested on a domestic violence charge.

I am very glad to see people convicted of fraud and obstruction of justice get convicted.

Republicans used to be the law and order party. The law and order candidates in 2024 are Kamala Harris and Tim Walz. No pardons for the wealthy, Democrat and Republican.

Stay tuned,

David