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REPORT: Nearly Half Of COVID-19 Unemployment May Have Been Swindled By Fraudsters, Up To $400 Billion

(Olivier Douliery/AFP via Getty Images)



Unemployment fraud throughout the COVID-19 pandemic could cost $400 billion as fraudsters and criminal groups may have stolen nearly half of all unemployment benefits during that time, experts told Axios.

Blake Hall, CEO of the online identity network, estimated that the U.S. lost more than $400 billion to fraudulent claims during the pandemic, Axios first reported Thursday. He also said up to 50% of all benefits offered through unemployment may have been stolen.

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