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California unemployment: Bank of America addresses freezing accounts, fraud in state assembly hearing

SACRAMENTO, Calif. (KGO) -- A California State Assembly budget subcommittee held a hearing Tuesday with California's EDD and its banking partner, Bank of America, to gain clarity on the massive fraud plaguing the program.
Faiz Ahmad, Head of Global Transaction Services at Bank of America, noted in his opening remarks that unemployment insurance fraud is nationwide, and not unique to California.
"The size and scale of the California program attracted substantial fraud, including criminals who are fraudulently attempting to claim benefits. It is our assessment that there is sophisticated criminal network activity involved in this, as is being assessed by a third party specialist as well," said Ahmad.

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