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Another expert says that more than 70 percent of the stolen money was taken by state-backed foreign criminal organizations. Some estimate the fraud could be as high as $400 billion.
Before the pandemic, unemployment claims were relatively rare and generally of short duration. But things changed dramatically in the spring of 2020.
While experts assumed that there would be some level of unemployment fraud when the increased benefits were implemented, the pandemic and lockdowns imposed in some states that caused unemployment to soar created a climate ripe for abuse. State governments were not prepared for the pandemic demand. In April 2020, the U.S. unemployment rate hit 14.8% — the highest rate observed since data collection began in 1948.
This is something very different than just run-of-the-mill unemployment fraud. This is the exploitation of emergency relief by criminal organizations — many of whom are backed by foreign governments. Up to $400 billion in COVID unemployment relief was stolen – and more than half that cash was funneled to criminals in Russia, China and Nigeria, it was claimed. The United States lost as much as 50% of all unemployment relief, as much as $400 billion, through fraudulent claims, Blake Hall told Axios . Hall is the CEO of ID.me CEO, a company that provides fraud prevention services. Some experts are considering the theft a matter of national security with cash ending up in the hands of criminal groups based in Russia , China and Nigeria . More than 70% of the $400 billion feared to have been stolen was pilfered by state-backed foreign criminal groups, Haywood Talcove told Axios. ‘These groups are definitely backed by the state,’ said Talcove, the CEO of LexisNexis Risk Solutions. U.S. street gangs reportedly stole much of the rest of the money.
Source: Daily Mail It’s a sophisticated system of fraud that funnels money through “mules” who pull out the cash […]
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