This alert may not be shared outside your organization, Do Not Repost or send, place on other websites, List servers, or send to others via email, including other associations or parties. Members and Law enforcement use only. Contact us for any permissions. To do otherwise will result in the loss of membership.
Complete Story
09/09/2024
US Government Losing $233,000,000,000+ To Fraud Every Year, According to First-Ever Estimate From America’s Accountability Office
The Daily Hodl
A groundbreaking new report shows the US government is losing a staggering amount of money to fraud every year.
The Government Accountability Office’s (GAO) first “Fraud Risk Management” report estimates the federal government’s annual losses to fraud fall somewhere between $233 billion and $521 billion.
The GAO uses fiscal data from 2018 through 2022 for its report, defining fraud as “obtaining a thing of value through willful misrepresentation.”
“While the government obligated almost $40 trillion from fiscal years 2018 through 2022, no reliable estimates of fraud losses affecting the federal government previously existed…
GAO identified opportunities and challenges through interviews and data collection focused on 12 agencies representing about 90% of federal obligations.”
The estimates are based on a Monte Carlo simulation, a probabilistic method that helps account for inherent uncertainty in fraud detection.
More Info
Alerts
The FRPA alert system distinguishes us from other groups by gathering and providing information to law enforcement, retailers AND financial institutions.
more information
Resources
Your electronic library to help in fighting financial fraud for all of our partners.
more information