SACRAMENTO, Calif. — Bank of America says it is likely California has paid at least $2 billion in fraudulent unemployment benefits.
Bank of America contracts with the state to distribute unemployment benefits to people on debit cards. In September, the state asked Bank of America to freeze 345,000 accounts because of suspected fraud.
In a letter to state lawmakers on Monday, Bank of America said its assessment of those accounts revealed about $2 billion in fraudulent activity. The bank also identified 295,000 suspicious accounts it says the state should investigate. California has paid $110 billion in benefits since the start of the pandemic.
Read the full AP story HERE.
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