"As much as half of the unemployment benefits paid by the US government over the past year may have been stolen through fraud, with the bulk ultimately ending up outside the country - likely into the hands of foreign crime syndicates in China, Nigeria, Russia and elsewhere, according to Axios' Felix Salmon.
According to some estimates, unemployment fraud during the pandemic could 'easily reach $400 billion,' as states weren't prepared for the unprecedented wave of unemployment claims...
States knew that fraud was inevitable, but opted to rush money out to people with minimal oversight, as opposed to laboriously vetting each application.
According to Blake Hall, CEO of ID.me - a fraud prevention service, America has lost over $400 billion to fraudulent claims, with as much as 50% of all unemployment payments possibly being stolen.
Of that, up to 70% of the money stolen by impostors ultimately left the country according to Haywood Talcove, CEO of LexisNexis Risk Solutions...
The rest of the money was likely stolen by street gangs domestically, who have made up a greater share of the fraud in recent months."
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