Until the Government Accountability Office report, there had never been a comprehensive, government-wide review of fraud since the nation’s founding.
, and there have been myriad investigations and reports about waste, fraud, abuse, and mismanagement. But until the Government Accountability Office released its April 16, “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.
She elaborated, “There are known fraud risks associated with increased spending and quick disbursements,” such as with “the natural disasters that we’ve had, and the financial crisis, and then most recently the pandemic program spending.
As Shea said, and anyone who runs a business would agree, it is “much more cost effective” to prevent “fraud upfront, rather than trying to chase it down and recover funds that have already gone out.” While she was referring to government spending in general, the problem was exacerbated by the push to getrelief funds out as quickly as possible and the failure of several agencies to use existing and easily accessible anti-fraud tools.
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