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Is Fraud Awareness Week at the PRAC
But this week is recognized as International Fraud Awareness Week across the globe. In this month's Fraud Feature we want to focus on an important aspect of our work — preventing fraud before it happens.
Below are examples of our work in fighting fraud before it begins.
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What we're doing
Our Pandemic Analytics Center of Excellence (also known as the PACE) is where our innovative team of experts analyze data, share tips and leads, and help OIGs and law enforcement officials hold fraudsters accountable. Using advanced data techniques, such as data matching and AI social media analysis, the PACE is finding ways to identify fraud before it begins.
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What we've done
Speaking of the PACE, thanks to the work of our data scientists we issued a Fraud Alert, which found $5.4 billion in potentially fraudulent pandemic loans obtained using more than 69,000 questionable Social Security Numbers from Small Business Administration’s (SBA) COVID-19 Economic Injury Disaster Loan (COVID-19 EIDL) program and Paycheck Protection Program (PPP).
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How we prevent future fraud
Our work and our partners' work involves identifying how to better
prevent future fraud, like the latest report we commissioned on a better approach to stopping identity fraud. This report highlights a whole-of-government approach to preventing and resolving identity fraud consequences for victims, including better communication across agencies and stronger preventative tactics for distributing funds.
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Taking fraud prevention to the Hill
On Tuesday, PRAC Chair Michael E. Horowitz testified before the Senate in a hearing titled, "Examining Federal COVID-Era Spending and Preventing Future Fraud," to emphasize the importance of implementing preventative measures that could save billions of taxpayer dollars in the future.
"As we move beyond the pandemic, the focus of the PACE should be broadened to prevent and detect fraud and improper payments...prevention on the front end will reduce the volume of funds disbursed using a 'pay and chase' model—a problematic and ineffective approach that makes it difficult for agencies to recover improper or fraudulent funds."
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Find out how many different ways we're working to prevent fraud and visit our reports library to find our latest partner reports and recommendations for fighting fraud.
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