Half Of Pandemic Unemployment Funds May Have Been Stolen: Axios

Half Of Pandemic Unemployment Funds May Have Been Stolen: Axios

As much as half of the unemployment benefits paid by the US government over the past year may have been stolen through fraud, with the bulk ultimately ending up outside the country – likely into the hands of foreign crime syndicates in China, Nigeria, Russia and elsewhere, according to Axios‘ Felix Salmon.

According to some estimates, unemployment fraud during the pandemic could ‘easily reach $400 billion,’ as states weren’t prepared for the unprecedented wave of unemployment claims

Source: Bloomberg, April 09, 2020

States knew that fraud was inevitable, but opted to rush money out to people with minimal oversight, as opposed to laboriously vetting each application.

According to Blake Hall, CEO of ID.me – a fraud prevention service, America has lost over $400 billion to fraudulent claims, with as much as 50% of all unemployment payments

Keep reading this article on Zero Hedge - Blog.

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