“The Secret Service has seen a huge uptick in electronic crime in furtherance of these fraud cases,” Dotson said. “Criminals will often ask potential victims to open an account and move money for them for some reason as part of a ruse.” Fraudsters, for example, prey on people by engaging them online as part of a romance scam, phony job opportunity or other scheme, and then asking for financial favors. “Targeted individuals are often asked to open bank accounts and accept large sum deposits,” Dotson said. “As a result, people are becoming unwitting mules for stolen money.”

To date, Secret Service investigations and investigative inquiries into unemployment insurance and SBA loan fraud have resulted in the seizure of more than $1.2 billion and the return of more than $2.3 billion of fraudulently obtained funds via Automated Clearing House reversals. These investigations have led to the arrest of 100 individuals responsible for unemployment insurance and SBA loan fraud. The Secret Service continues to work closely with the U.S. Department of Labor and SBA Offices of Inspectors General (OIG), and the Pandemic Response Accountability Committee (PRAC) on identifying and preventing these crimes.