June 24, 2021 01:14

Fraudsters May Have Stolen Half of Pandemic Unemployment $$$s: Report

Criminals may have stolen as much as half of the unemployment benefits the U.S. has been providing over the last year, with potentially $400 billion winding up in the hands of fraudsters and foreign crime syndicates, reports Axios. Blake Hall, CEO of ID.me, a service that tries to prevent this kind of fraud, tells Axios that America has lost more than $400 billion to fraudulent claims. As much as 50 percent of all unemployment monies might have been stolen. It’s been estimated that at least 70 percent of the money stolen by impostors ultimately left the country, much of it ending up in the hands of criminal syndicates in China, Nigeria, Russia and elsewhere. Much of the rest of the money was stolen by street gangs domestically, who have made up a greater share of the fraudsters in recent months.

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