GAO report details up to $500 billion in annual fraud

GAO report details up to $500 billion in annual fraud


The federal government is not the most effective steward of the taxpayer’s money, and there have been myriad investigations and reports about waste, fraud, abuse, and mismanagement. But until the Government Accountability Office released its April 16 report, “Fraud Risk Management,” there had never been a comprehensive, government-wide review of fraud since the nation’s founding. No private entity could survive 248 years without knowing how much fraud affects its operations.

The report examined instances of fraud between fiscal years 2018 and 2022 and concluded that “the federal government could lose between $233 billion and $521 billion annually to fraud.” The most conservative estimate of $233 billion in fraudulent payments per year means fraudsters stole at least $1.165 trillion from taxpayers over the five-year period studied. According to GAO Forensic Audits and Investigative

Continue reading


 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!