The U.S. Secret Service reported that at least $100 billion had been stolen from COVID-19 relief programs through various means.
Secret Service pandemic fraud recovery coordinator Roy Dotson said the findings came from Labor Department and the Small Business Administration data.
Dotson said most of the losses came from unemployment fraud while the rest were from unemployment insurance and loan fraud.
The stolen funds were reportedly diverted by fraudsters from the Small Business Administration’s Paycheck Protection Program, the Economic Injury Disaster Loan program, and other government relief programs.
More than $2.3 billion in stolen funds have been recovered so far after working with Paypal and Greendot.
The Secret Service is currently investigating 900 active pandemic fraud cases while only100 people have been arrested so far.
“Can we stop fraud? Will we? No, but I think we can definitely prosecute those that need to be prosecuted and we can do our best to recover as much fraudulent pandemic funds that we can,” said Dotson.
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