As many half of unemployment benefits paid by the U.S. government last year could have been stolen through fraud, most of which eventually ended up abroad – probably at the hands of China’s foreign crime syndicates , Nigeria, Russia etc., in accordance with Taxis‘Felix Salmon.
Consistent with some estimates, unemployment fraud during a pandemic could ‘quickly reach $ 400 billion,’ because states are not prepared for unmatched wave of unemployment claims.
States know that fraud is inevitable, but choose to rush money to people with little control, as opposed to heavy scrutiny of every application.
According to Blake Hall, CEO of ID.me – a fraud prevention service, America is gone on top of $ 400 billion in fraudulent claims, of which as much as 50% of all unemployment benefits could have been stolen.
Of this, up to 70% of the money stolen by the fraudsters eventually left the country agrees with Haywood Talcove, CEO of LexisNexis Risk Solutions, who ways “These groups are definitely state -supported.”
The remaining money may have been stolen by gangs on the home road, which have taken on even more share of the fraud in recent months.
How it works: Scammers always stealing personal information and use it to imitate the claimants. Some groups deceive individuals into voluntarily handing over their own information.
- “From” – low -level criminals – were given debit cards and asked to withdraw money from ATMs. That money is then transferred abroad, often via bitcoin.
The big picture: Prior to the epidemic, unemployment claims were relatively rare, and generally lasted for such a short time that they were not viewed by international criminal syndicates as a useful target. -Axios
What else unemployment fraud can be obtained on the dark web on a software-as-a-service (SAAS) basis-similar to ransomware. Naturally, states without fraud detection services are the top target, although many states are beginning to use more sophisticated measures to prevent fraud.
As Axios’ Salmon says, though, “It’s too late.”
Published from ZeroHedge.com with permission