Tag: Fraud

Fraud Costs the Federal Government up to $521 Billion a Year

The Center Square
Money Waste Government

The federal government loses up to $521 billion a year to fraud, according to a first-of-its-kind estimate from a Congressional watchdog. 

The U.S. Government Accountability Office, which serves as the research arm of Congress, estimated annual fraud losses cost taxpayers between $233 billion and $521 billion annually, according to a new report published Tuesday. The fraud estimate’s range represents 3% to 7% of average federal obligations. 

Read More

Americans Lost a Record $10 Billion to Fraud in 2023

South Carolina Sun Staff
Hacker on Laptop

The latest report from the Federal Trade Commission (FTC) reveals that American adults lost a record amount of money to acts of fraud in the year 2023, totaling around $10 billion.

As reported by Axios, the number of Americans who fell victim to fraudulent scams was roughly 690,000. The average lost amount per person was $500.

Read More