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  • 5/12/2025
The U.S. government may be losing up to $750 billion annually to fraud, much of it driven by foreign cybercrime rings exploiting stolen American identities, according to experts featured on 60 Minutes. The Government Accountability Office estimates $521 billion in yearly losses, but former GAO official Linda Miller warned the true number could approach $1 trillion. The U.S. government is a major target for fraud because of its vast financial resources and widespread use of personal data. Criminals can buy Americans’ digital identities for as little as two dollars and use AI tools like deepfakes to evade security. Despite claims from Trump’s Department of Government Efficiency that it saved $160 billion under Elon Musk’s leadership, Miller cautioned that critics often confuse wasteful spending with fraud.

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00:00It's Benzinga bringing Wall Street to Main Street.
00:02The U.S. government may be losing up to $750 billion annually to fraud,
00:07much of it driven by foreign cybercrime rings exploiting stolen American identities,
00:12according to the experts featured on 60 Minutes.
00:15The Government Accountability Office estimates $521 billion in yearly losses,
00:20but former GAO officer Linda Miller warns the true number could approach $1 trillion.
00:25The U.S. government is a major target for fraud because of its vast financial resources
00:30and widespread use of personal data.
00:33Criminals can buy Americans' digital identities for as little as $2
00:36and use AI tools like deepfakes to avoid security.
00:39Despite claims from Trump's Department of Government Efficiency
00:41that it saved $160 billion under Elon Musk's leadership,
00:45Miller cautioned that critics often confuse wasteful spending with fraud.
00:49For all things money, visit Benzinga.com slash GSTV.

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