'Too sweet of a pie': Cybercriminals steal $8B in Covid relief funds

The Secret Service and Labor Department have been warning states for months that criminal networks are trying to steal billions of dollars in federal pandemic unemployment aid. But the overburdened and antiquated state systems that send out the checks have been unable to stop a lot of the fraud.

“We're fighting this fight with '70s era technology with some modern Band-Aids put on top of it,” Ryan Wright, Kansas’ acting secretary of Labor, said in an interview. “I would like to have seen a more aggressive response from the federal government." State officials are seeing big surges in unemployment applications indicating that criminals are trying to game the system. And while they have been successful at blocking some of the theft attempts, the sheer scale is making it difficult to stop entirely.

When the economy was booming from mid-2018 to 2019, the Labor Department estimated that 3.2 percent of the payments made in unemployment compensation programs ended up in the hands of criminals.

This is on Mnuchin!

I gotta say - the extensive training that employees of financial firms are now required to take to learn how spot cyber criminal activity has the unintended side effect of teaching them all how to be cyber criminals themselves!

Without enforcement - who’s going to stop them FBI ? Pfffffffffftttttttttttttttttttttt

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