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REPORT: Half the Government Pandemic Unemployment Relief Funds Were Stolen by Fraudsters

The following article, REPORT: Half the Government Pandemic Unemployment Relief Funds Were Stolen by Fraudsters, was first published on Flag And Cross.

According to a new report, as much as half of the unemployment pandemic relief money may have been stolen by fraudsters.

The report comes from liberal “explainer” site Axios.com. And according to the Axios review of the numbers, crooks have stolen billions of tax dollars that were meant to help pay people who were out of work because of the coronavirus shutdowns.

As Axios reported:

By the numbers: 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% of all unemployment monies might have been stolen, he says.

  • Haywood Talcove, the CEO of LexisNexis Risk Solutions, estimates that at least 70% 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.
  • “These groups are definitely backed by the state,” Talcove tells Axios.
  • 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.

Investigators say that cyber thieves steal people’s identity and personal information then they get low-level criminals to use the info to file for fraudulent benefits.

These fake benefits have bee filed in millions of cases and billions of tax dollars have ended up in the hands of criminals.

Nice going, government.

Follow Warner Todd Huston on Facebook at: facebook.com/Warner.Todd.Huston.

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