Washington, May 1 (IANS) US President Donald Trump signed an executive order aimed at overhauling federal contracting practices by shifting towards fixed-price agreements, a move the administration says will reduce waste and curb cost overruns.White House Staff Secretary Will Scharf said many government contracts currently operate under a “cost plus” system.“Many federal contracts currently operate on a cost plus basis… leads to cost overruns, and costs the federal government a lot of mo…
Latest Fraud Detection News & Updates
Washington, March 28 (IANS) The Trump administration launched a federal task force to crack down on fraud in welfare programmes, with Vice President JD Vance warning that the problem has “become a massive, massive problem” that is draining taxpayer funds.Addressing a meeting of senior officials, Vance said the administration would restore anti-fraud safeguards and enforce cross-departmental coordination to detect abuse in federal benefit programs.“We have to take the fraud issue seriously,…
Washington, Feb 6 (IANS) Artificial intelligence has emerged as a priority risk for the US financial system, with Treasury Secretary Scott Bessent telling Congress that regulators are stepping up oversight of how AI is used across markets and institutions.Testifying before the Senate Banking Committee, Bessent said AI is one of four focus areas in the Financial Stability Oversight Council’s 2025 annual report. “The council is prioritizing the responsible use of artificial intelligence to str…