Today, I submitted written testimony to the Senate Appropriations Committee’s Subcommittee on Financial Services and General Government.
Chairman Hagerty, Ranking Member Reed, and members of the Subcommittee:
Thank you for the opportunity to submit written testimony about reducing fraud and improper payments in government spending programs. I am a senior fellow at the Foundation for American Innovation, an organization that champions the technology, talent, and ideas essential to American prosperity, security, and flourishing.
I write to respectfully recommend two reporting requirements for the Treasury Department and the Pandemic Response Accountability Committee to identify opportunities for Congress to reduce fraud and misspending in federal and state spending programs. First, I suggest that the Subcommittee include report language directing the department to publish a report on…
This remains the most prevalent form of financial crime globally. It targets the direct access points to your money: your cards and your bank accounts.
- Skimming: Criminals use small devices called “skimmers” placed over ATM or point-of-sale card slots to capture the data from your card’s magnetic strip.
- Card-Not-Present (CNP) Fraud: This occurs during online shopping where a physical card isn’t required. Thieves use stolen card numbers, expiry dates, and CVV codes to make unauthorized purchases.
- Account Takeover (ATO): A hacker gains access to your online banking credentials (often through malware or phishing) and changes the contact details or passwords, locking you out while they drain your funds.