Michigan paid $8.5 billion in unemployment fraud during pandemic, report finds
About 22% of the unemployment money Michigan paid throughout the pandemic went to fraudsters, according to a new independent report from Deloitte. Michigan’s Unemployment Insurance Agency paid out about $8.5 billion in fraudulent benefits – while thwarting another $43.7 billion in attempts at fraud. That’s a success rate of about 84%.
mlive.comAudit: Effort to speed unemployment payments exposed system to fraud
LANSING, Mich. – An audit to address issues at the Michigan Unemployment Insurance Agency (UIA) found that shortcuts used to expedite payments left the agency vulnerable to fraud in hundreds of millions of dollars. The audit done by Deloitte cited multiple actions taken that caused problems. Michigan officials are warning residents of an email scam that is attempting to retrieve personal information from individuals collecting unemployment benefits. According to Michigan Attorney General Dana Nessel, an email is being sent to claimants seeking personal information. The email is being sent from a Gmail account that appears to be from the Unemployment Insurance Agency (UIA) -- it is not.
Black Friday is almost here — and shoppers are more anxious than ever
Black Friday is almost here. The trends are especially worrisome heading into the holidays, when families tend to gather and partake in activities like going to the mall on Black Friday. For the first time in the history of Deloitte's pre-Thanksgiving survey, more consumers (61%) are planning to shop online on Black Friday than in stores (54%). But they might not need to even worry about crowded stores, if shoppers' nerves remain high. And 74% plan to shop online, not in stores, during the week of Thanksgiving to avoid crowds, up from 62% a year earlier.
cnbc.comShoppers plan to visit fewer stores than ever this holiday season, survey says
A new survey predicts shoppers will visit fewer stores than ever this holiday season, ratcheting up the pressure on retailers to capture customers. Consumers are planning to visit just 5.2 retail stores on average, consulting firm Deloitte found in its annual holiday survey. It marks a record low for the survey, which polled 4,012 consumers from Sept. 9 to Sept. 15. The survey found that 51% of people are anxious about going to stores this holiday season due to the Covid-19 pandemic. I think that's going to bode well for mass retailers," Sides said in an interview.
cnbc.comUnregulated 'greenwashing'? ESG investing is under the microscope as the money rolls in
LONDON — There's growing appetite to invest in a more sustainable way, but experts warn that transparency is needed in this space if it's to really do any good for the planet. This is the biggest challenge facing sustainable investing: there is no clear-cut criteria about what makes a company ESG investable. The largest ESG fund in the world by assets, according to Refinitiv data from September, is the MFS Value Fund. "That is another reason why we so definitely need the data quality," Dora Blanchet, team leader at the European Securities and Markets Authority, told CNBC. The fourth largest ESG fund under assets, Parnassus, had 17.26% of shares in companies such as Apple, Alphabet and Amazon.
cnbc.comMichigan taps Deloitte to expand unemployment capacity, identify fraud
The state of Michigan has brought on Deloitte to help sort out issues with unemployment during the coronavirus pandemic. The state says Deloitte will assist the Unemployment Insurance Agency (UIA) with financial operations, investigations into imposter claims, and a forensic review to help in identifying fraudulent activity that can be quickly turned over to law enforcement for prosecution. “As the UIA works to improve its systems to enhance customer service, data transparency, payment systems and fraud prevention, we’re glad to have Deloitte on our team,” said UIA Director Steve Gray. “The Deloitte team’s skills and experience help us protect Michiganders and provide unemployment benefits to our working families.”Deloitte will also bring additional capacity to help the state identify potential cybersecurity vulnerabilities and take action to mitigate identified risks. “Consistent with our commitment to our clients and our communities, Deloitte is pleased to bring our deep understanding of unemployment insurance systems and our broad capabilities in cybersecurity and forensic assessment to support the State of Michigan’s efforts to protect the integrity of their complex systems,” said David Parent, Michigan Managing Principal, Deloitte LLP.
The new normal: Cyber Monday is exciting deal-hungry shoppers more than Black Friday this holiday season
With online shopping gaining ground year after year, Cyber Monday has surpassed Black Friday as the preferred day for deals around the holiday season for all age groups, according to a new study. The consulting firm collected the data for its annual holiday study by polling 4,410 consumers online from Sept. 6 to 13. He also noted 70% of smartphone users say they'll use their phones to buy something this holiday season, which contributes to the Cyber Monday bump. It said the top 20% of spenders will account for 60% of the total dollars spent this holiday season. Deloitte found people overall are expecting to spend 59% of their 2019 holiday budgets online, versus 36% in bricks-and-mortar stores.
cnbc.comTwo out of three UK business leaders think tech skills matter more than math and science
vgajic | Getty ImagesMore than two-thirds (68%) of UK business leaders believe employees with technology skills such as coding and cybersecurity are more valuable than those who understand traditional subjects such as math and science. A poll of 502 Information Technology (IT) decision makers from different UK firms found that 53% did not think children were taught enough tech specialisms at school. Cybersecurity was the most in-demand specialism, with 79% citing it as the preferred tech skill, ahead of data analytics and business intelligence. However, cloud computing was most common among employees' existing tech skills (44%), ahead of cybersecurity (43%). "The UK is facing a skills crisis and those with tech specialisms on their CV are being sought after by all companies, now more than ever," Harvey commented.
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