Posted on 06/10/2021 11:45:10 AM PDT by RomanSoldier19
From direct stimulus payments to unemployment benefits, Americans have received several different forms of financial aid during the pandemic. But a large chunk of that aid - as much as 50% - might not have made it into the hands of the right people.
Axios reported on Thursday that unemployment fraud has been on the rise during the pandemic, with Blake Hall, the CEO of ID.me, a fraud-prevention service, telling the news service that America has lost $400 billion to fraudulent claims and that as much as 50% of unemployment claims might have been stolen. The CEO of LexisNexis Risk Solutions' Government business, Haywood Talcove, also told Axios that at least 70% of stolen money ultimately left the country, with much of it ending up with groups in China, Russia, and Nigeria.
"These groups are definitely backed by the state," Talcove said.
This is not the first reported instance of stimulus money ending up in the wrong hands. Last week, federal authorities announced that Venezuelans living in South Florida and Mexico had stolen more than $800,000 in stimulus checks since the start of the pandemic.
And on May 28, the Office of the Inspector General found that $39 billion in unemployment money from the 2020 CARES Act had been wasted, partly due to failures in detecting fraud and improper payments.
So how are scammers managing to carry out this fraud?
Axios reported that they often steal people's personal information to withdraw money, and "mules," or low-level criminals, are given debit cards to withdraw that money from ATMs, which then gets transferred abroad.
(Excerpt) Read more at news.yahoo.com ...
And that’s just the Biden administration
There ought to be a law.
Lucky for us we don’t have government waste. And check “the Big Guy’s” Swiss accounts for his cut. Like those federal payments to cities which mysteriously get lost but have rich mayors on Bahamas vacations.
It is easier for corrupt officials to steal money when things are in chaos then when everything is done by the book.
I am not surprised so much money was skimmed off the top, only that anyone bothered to report it.
That’s the way the Left’s “Trickle Down” Stimulus works. Very little gets to those who need it because on the way down each fiefdom gets its cut.
America is living on borrowed time. We are quickly spending the wealth, culture and stability built up by generations before us.
More benevolent organizations like, say, the Mafia consider a skim-off of 20% of revenue to be reasonable.
Mafia is not more benevolent they’re just smarter tactically. I’m my view. That is- they were until Rudy put them all in jail. Which he did
The infrastructure is all about taking yes like 80%
Only 50%? They’re falling down on the job.
Concur, the government is so effective and efficient at wasting your tax dollars.
No problem, they will simply print more.
Good, I hope it was used well.
Yep, we’re Apollo 13, without the successful finish.
>>Axios reported on Thursday that unemployment fraud has been on the rise during the pandemic, with Blake Hall, the CEO of ID.me, a fraud-prevention service, telling the news service that America has lost $400 billion to fraudulent claims and that as much as 50% of unemployment claims might have been stolen.
So this is an admission that unemployment wasn’t actually as bad as they said when Trump was president?
>>We are quickly spending the wealth,
It isn’t consumed as if by fire. It is transferred and banked by those with connections (sometimes with the expectation that the D-Party will get campaign contributions in kind).
It is theft, not commerce.
We are now a third world type, corruption riddled country.
Unexpected.
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