When Republicans in Congress were developing the Working Families Tax Cuts (WFTC) last year, members from across the conservative spectrum signaled their intention to offset new spending and revenue loss by reducing government spending. This is easier said than done. Programs throughout the federal government are saddled with unneeded spending, with many taxpayer dollars going to unintended recipients, fraudsters who skim money that is meant for others, and some Americans who simply don’t need the money. Assessing the scale and scope of these issues can be difficult, partially due to obfuscated government data reports. Once a problem is identified, it can be very hard to fix, thanks to entrenched special interests who benefit from this government largess. As a result, it takes real fortitude to do the work needed to actually cut waste, fraud, and abuse. But the Working Families Tax…
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.