Half of the pandemic's unemployment money may have been stolen - Axios

Unemployment fraud during the pandemic could reach $400 billion, and the bulk of the money likely ended in the hands of foreign crime syndicates — making this not just theft, but a matter of national security. States weren't prepared for the unprecedented wave of unemployment claims. Blake Hall, CEO of ID.me, a service that tries to prevent this kind of fraud, says as much as 50% of all unemployment monies might have been stolen. 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. Widespread fraud at the state level in pandemic unemployment insurance during the previous Administration is one of the most serious challenges we inherited," said White House economist Gene Sperling"