The Contracting Education Academy

Contracting Academy Logo
  • Home
  • Training & Education
  • Services
  • Contact Us
You are here: Home / Government Contracting News / Fighting federal procurement fraud — A commentary

February 13, 2017 By AMK

Fighting federal procurement fraud — A commentary

Believe it or not, procurement fraud is the second largest economic crime in terms of losses, trailing only theft.

This statistic usually gets overlooked, but it’s one that has affected the federal government for decades. In fact, according to PricewaterhouseCoopers, procurement fraud impacts an astounding 29 percent of all organizations each year, ranging from Fortune 500 companies to small businesses to government agencies.

Procurement fraud occurs when a company offers goods or services but either fails to deliver, under delivers or rigs the process against the rules to gain an advantage over competitors. Some common forms of procurement fraud include bribery, bid-rigging, embezzlement and submission of false claims. This is especially concerning when you are talking about business to government procurement, considering that money comes straight from the taxpayer. Government needs to find better ways to protect itself from this type of fraud.

Keep reading this article at: http://www.federaltimes.com/articles/fighting-federal-procurement-fraud-commentary

Filed Under: Government Contracting News Tagged With: abuse, analytics, bid rigging, embezzlement, false claims, fraud, spend analytics, technology, waste

Popular Topics

abuse acquisition reform acquisition strategy acquisition training acquisition workforce Air Force Army AT&L bid protest budget budget cuts competition cybersecurity DAU DFARS DHS DoD DOJ FAR fraud GAO Georgia Tech GSA GSA Schedule GSA Schedules IG industrial base information technology innovation IT Justice Dept. Navy NDAA OFPP OMB OTA Pentagon procurement reform protest SBA sequestration small business spending technology VA
Contracting Academy Logo
75 Fifth Street, NW, Suite 300
Atlanta, GA 30308
info@ContractingAcademy.gatech.edu
Phone: 404-894-6109
Fax: 404-410-6885

RSS Twitter

Search this Website

Copyright © 2023 · Georgia Tech - Enterprise Innovation Institute