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US Fraud Losses May Hit $1 Trillion As Digital Gangs Exploit Stolen American Identities, Ex-GAO Official Says, With FBI Cyber Division Chief Admitting: 'All Of Our Personally Identifiable Information… Is Available On The Dark Net' For Just $2

  • A 60 Minutes report aired Sunday evening detailed widespread fraud exploiting U.S. Federal spending, involving foreign actors and organized crime rings.
  • The fraud surged during the COVID-19 pandemic when rapid online aid delivery allowed criminals, mostly from Russia and China, to exploit stolen American identities.
  • Fraud rings used stolen personally identifiable information to submit fraudulent unemployment claims and disaster loan applications, with proceeds laundered internationally.
  • Experts estimate that annual federal fraud losses range from $550 billion to $750 billion, including $6 billion fraudulently taken from pandemic unemployment benefits. FBI cyber division head Bryan Vorndran described these fraud networks as modern-day digital criminal groups operating with impunity.
  • The Department of Government Efficiency and various agencies collaborate to identify fraud, but officials acknowledge limited recovery and uncertain progress against sophisticated global fraud schemes.
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CBS News broke the news in on Sunday, May 11, 2025.
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