Pandemic Unemployment Benefits Fraud Could Top $200b, Firm Says

Sharing is Caring!

A significant portion of unemployment benefits to Americans struggling during the coronavirus pandemic may be getting stolen by fraudsters, according to new data.

ID.me, a computer security firm which works with 22 states to combat unemployment fraud and successfully helps workforce agencies identify legitimate unemployment claimants, estimates that more than $200 billion in federal assistance for unemployed Americans may have been pocketed through fraud. The finding is more than triple the official government estimate of $63 billion, based on the 10% pre-pandemic fraud rate.

According to ID.me, at least 30% of new claims under the Pandemic Unemployment Assistance program, which provides benefits to Americans who are self-employed and contractors, are fraudulent.

See also  Are your bank employees stealing your money? You bet! And you don't even know it... Bank insider fraud on the rise since 2020

The firm notes that roughly 20% of the fraud is linked to breached personal data, up to 10% is through social engineering, and 2.5% are linked to face matching, where a criminal tries to use a mask, video, or image of the victim.

www.foxbusiness.com/economy/pandemic-unemployment-benefits-fraud-could-top-200b-firm-says

Help Support Independent Media, Please Donate or Subscribe:
Trending:
See also  CNN Directors Caught on Tape Saying Climate Change Will be The Next Pandemic (Fear Sells)

Views: 1

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.