Preventing Improper Payments Act This bill designates any program or activity making more than $100 million in payments in a fiscal year as susceptible to significant improper payments. Under current law, programs designated as susceptible to significant improper payments are subject to additional assessments and reporting requirements. The bill requires each agency to submit to Congress, as part of the annual financial report of the agency, a report on implementing financial and administrative controls and certain other practices with respect to fraud risk; identifying risks and vulnerabilities to fraud; and establishing strategies, procedures, and other steps to curb fraud.