CBS News: US government faces US $750 b annual fraud losses driven by transnational crime and identity theft, revealing pandemic-era vulnerabilities and highlighting urgent need for enhanced AML measures

This massive financial drain has been exacerbated by vulnerabilities exposed during the pandemic, when rapid disbursement of relief funds created opportunities for widespread abuse. Experts highlight that these fraud schemes go far beyond typical welfare fraud, involving organized crime groups and nation-state actors who monetize stolen personal data on the dark web. The scale and complexity of these operations…