Federal regulators fined Bank of America $225 million over its handling of unemployment benefits during the pandemic
"This action arose despite the government's own acknowledgement that the unemployment expansion during the pandemic created unprecedented criminal activity where illegal applicants were able to get states to approve tens of billions of dollars in payments," Bank of America said, adding that it"partnered with our state clients to identify and fight fraud throughout the pandemic.
CNBC's investigation found that states like California and Nevada saw an outsized share of so-called transaction fraud during the pandemic because, with few exceptions, their unemployment insurance was distributed through debit cards without chips, meaning there was a lower level of security.
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