US Treasury Secretary Janet Yellen said that fraud in the banking system is becoming a huge problem and that her department is now using artificial intellignece to detect and deal with the issue.
“I absolutely agree with the premise — which is that fraud is becoming a huge problem,” Yellen said in answering a question after delivering prepared remarks to an event hosted by the American Bankers Association.
She added that fraud is now seen nationwide, including through a big increase in fraud around government checks.
The Treasury Department is now using AI to tackle this issue, Yellen said. “It’s really made a dramatic difference in our ability to detect and deal with fraud.”
Source: Bloomberg | YouTube
Written by: Viktoria Dendrinou @Bloomberg
The post “Yellen Says Fraud is Huge, Growing Problem in Banking System” first appeared on Bloomberg