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. “A government-wide approach is required to address these challenges,” the report concluded.