'I Have Never Seen Anything Like It': Bank Of America Says Fraudsters Have Stolen $2B In California EDD Funds

Los Angeles CA

08 December, 2020

6:12 PM

Description

CBS Los Angeles By CBSLA Staff December 7, 2020 at 9:37 pm LOS ANGELES (CBSLA) — The California Employment Development Department Monday continued to reel from unprecedented scams carried out by fraudsters, many of them prisoners in the state duping the system with mind-boggling ease. Bank of America, which contracts with EDD to distribute unemployment benefits said in a Monday statement: "Our assessment is that there is activity consistent with fraud in those accounts on the order of approximately $2 billion. … We also have detailed instances in which criminals not only withdrew initial funds provided by the State, but sought and received additional 'temporary' credit from Bank of America … essentially attempting to double-dip the fraudulent removal of funds." Read more at CBS Los Angeles