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Senior official estimates $30 billion in stimulus funds will be stolen through coronavirus scams
© iStock
A top official with the U.S. Secret Service said Tuesday that coronavirus-related fraud could lead to $30 billion in federal relief funds being stolen by criminals.
“Congress has appropriated nearly $3 trillion to support the American economy, the largest-ever economic stimulus package in U.S. history,” Secret Service Assistant Director Michael D’Ambrosio testified during a Senate Judiciary Committee hearing on coronavirus-related fraud.
He emphasized that “even if we assume a very low rate of fraud, of just 1 percent, we should still expect more than $30 billion will end up in the hands of criminals. And that is likely an underestimation of the risk, and just one portion of the full range of risks at play.”
D’Ambrosio noted that much of this theft is occurring online, such as through cyber criminals targeting Americans with malicious coronavirus-related phishing emails, or through targeting cyberattacks at the insecure networks of those working from home.
The Secret Service has taken steps to counter these scams, with D’Ambrosio saying the agency had disrupted “hundreds” of scams and prevented around $1 billion from being lost to malicious actors.
originally posted by: Gryphon66
a reply to: 727Sky
They gave $500 billion to the corporations.
If you're looking for theft, start there.
originally posted by: 727Sky
originally posted by: Gryphon66
a reply to: 727Sky
They gave $500 billion to the corporations.
If you're looking for theft, start there.
Corporations hire and have workers. The airline industry alone would have gone belly up without several billion in funds. Besides keeping your tax base alive for future taxes many of those mean old corporations are some of the vertebrate of America's industrial spine. Let COVID -19 Kill off the companies to what end ?????
originally posted by: Gryphon66
originally posted by: HalWesten
Damn, I actually agree with you on something. There is hope for you yet.
Cool. Try listening.
originally posted by: HalWesten
originally posted by: Gryphon66
originally posted by: HalWesten
Damn, I actually agree with you on something. There is hope for you yet.
Cool. Try listening.
Try not being snarky, I'll pay attention more.
I don't know what, if anything, can be done about ALL legislators that allow loopholes so their corporate donaters can raid relief funds but it's got to stop. Their ability to take money that was intended for small businesses was grossly unwarranted and frankly, sickening.
originally posted by: Bhadhidar
But, also. Yes, the current circumstances require us to support those facing financial ruin, even if there will likely be graft and corruption, because if they fail, we likely fail as well: what good is saving a company if, once saved, that company has no customers who can afford to buy its products?