America’s Costliest Scam
If you think credit card fraud is the country’s biggest scam, think again. Credit card fraud amounts to petty theft alongside Medicare and Medicaid fraud, estimated to cost the taxpayers somewhere between $60 billion and well over $100 billion a year. Even the illegal drug business takes in less than the crime of scamming the government out of health care dollars intended for the poor and the elderly.
Now, the Obama Administration is pledging to step up its efforts to fight fraud. New tools, such as strike forces and a computer system that’s modeled on technology used in the private sector, promise to stop fraud in its tracks. Will these new efforts finally put a stop to America’s biggest crime? Or will the feds – who have dedicated and rededicated themselves to stopping such fraud for more than 40 years – fail yet again? Reason.TV investigates.
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