The scale of fraud targeting U.S. federal government programs has reached staggering proportions, demanding immediate attention from policymakers and technology leaders alike. Recent findings from the Government Accountability Office (GAO) reveal that federal government fraud losses range from $233 billion to $521 billion annually – representing 3 to 7 percent of federal obligations. This massive drain on public resources demands innovative solutions and a fundamental shift in how government agencies approach fraud prevention. If fraud was stopped, the savings could eliminate the annual Social Security Trust Fund deficit, and support the departments of Homeland Security and Commerce, with enough left over to fund most of the food assistance programs run by the U.S. Department of Agriculture. The Growing Sophistication of Fraud The challenge has grown particularly acute in recent years, with fraudsters becoming increasingly sophisticated in their approaches. During the pandemic, we...
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