- June 11, 2021
- Posted by: Stratford Team
- Category: Business
FOX Business’ Jackie DeAngelis and Strategic Wealth Partners President and CEO Mark Tepper discuss the labor shortage.
Unemployment fraud surged during the coronavirus pandemic, with billions of dollars likely ending up in the hands of foreign crime syndicates based in China, Russia and other countries, experts say.
As much as $400 billion in unemployment benefits may have been fraudulent, according to one estimate by ID.me, FOX Business confirmed. That amounts to about 50% of unemployment money, according to the company, which uses facial recognition software to verify identities.
JOB SEARCHES SPIKED IN STATES PREMATURELY ENDING UNEMPLOYMENT BENEFITS
The news was first reported by Axios.
“Fraud is being perpetrated by domestic and foreign actors,” Blake Hall, CEO and founder of ID.ME, told FOX Business. “We are successfully disrupting attempted fraud from international organized crime rings, including Russia, China, Nigeria and Ghana, as well…