Equifax, Inc. · NYSE:EFX
Equifax — The Fraud Avalanche: Could Your Unemployment Claims Process Be Buried in Risk? (webinar) (March 2025)
24 slides from Equifax's conference presentation, Mar 27, 2025
Slide 1: The Fraud Avalanche: Could Your Unemployment Claims Process Be Buried in Risk?
The Fraud Avalanche: Could Your Unemployment Claims Process Be Buried in Risk? March 27, 2025
Slide 2: Thanks for Joining Our Webinar
Thanks for Joining Our Webinar Welcome! Questions? Recording Thank you for joining our Please enter your questions This webinar is being webinar. Stay tuned for in the chat box on your recorded. You will receive an more from Equifax screen at any point during email with a link to view the Workforce
Slide 3: To Keep Our Lawyers Happy
To Keep Our Lawyers Happy The information provided herein is intended as general guidance and is not intended to convey specific tax or legal advice. For a legal opinion, please consult your lawyer. This presentation is intended for the education and benefit of our customers and potential customers. T
Slide 4: Today's Presenters
Today’s Presenters PROPRIETARY | 4
Slide 5: Agenda
Agenda Current Landscape of Potential Risks for Best Practices Unemployment Fraud Employers ● Proactive Measures ● Legislative Update ● Better Understand the ● Addressing Fraudulent ● Triggers & Spikes in Fraudulent Scope of ID Theft/Fraud Claims Activity ● Potential Financial Impact ● Resources ● B
Slide 6: Current Landscape of Unemployment Fraud
Current Landscape of Unemployment Fraud
Slide 7: Legislative Update
Legislative Update H.R.1156 - Pandemic Unemployment Fraud Enforcement Act1 The estimated scope of fraud is in the billions of dollars2 Recovery challenges (State & Federal) Complexities of international fraud (e.g., Russia, Nigeria, China) 1. congress.gov, 2 FTC PROPRIETARY | 7
Slide 8: Triggers & Spikes in Fraudulent Activity
Triggers & Spikes in Fraudulent Activity State modernization efforts and increased fraud1 Fictitious Employer Schemes* The impact of natural disasters (i.e. hurricanes, Potentially impactful to floods) on fraudulent claims2 all legitimate employers through socialized charges The release of 1099G's oft
Slide 9: Behind the Scenes
Behind the Scenes Ongoing efforts of state agencies and federal entities (FBI, Secret Service, OIG) to combat fraud1 The NASWA Integrity Data Hub (IDH) utilized by all states in some capacity2 Misconception: states are not actively fighting fraud3 Why are specific investigative details kept confidential
Slide 10: Potential Risks for Employers
Potential Risks for Employers
Slide 11: Better Understand the Scope of ID Theft & Fraud
Better Understand the Scope of ID Theft & Fraud A Direct Hit on Identity Warehousing and Security1 Delayed Impact2 ● Unemployment Insurance (UI) fraud is not just ● Criminals often 'warehouse' stolen data, a financial crime; it's a direct and damaging meaning they collect and store it for future use.
Slide 12: Potential Financial Impact
Potential Financial Impact Increased Unemployment Direct Financial Tax Rates Losses ● In many states, employers' unemployment tax ● For reimbursing employers, the impact is even rates are experience-rated, meaning they are more direct, as they are directly billed for the based on the number of unemp
Slide 13: Other Potential Impacts
Other Potential Impacts Burden on HR Strain on State Relationships ● HR departments are often responsible for ● High levels of fraud can strain relationships responding to unemployment claims and between employers and state workforce investigating potential fraud. This can increase agencies. Employe
Slide 14: Potential Impacts on Your Employees
Potential Impacts on Your Employees Stress & Anxiety1 Time & Effort ● Employees whose identities are stolen and used ● Employees may have to spend considerable for fraudulent claims can experience significant time clearing their names, reporting fraud to stress and anxiety. authorities, and correcting
Slide 15: Best Practices & Tips for Employers
Best Practices & Tips for Employers
Slide 16: Take Proactive Measures: Verify, Respond, & Report
Take Proactive Measures: Verify, Respond, & Report Verify Employee Information - Regularly verify employee information to help ensure accuracy and better detect discrepancies. This includes cross-referencing data across HR systems. Promptly Respond to RFIs (Requests for Information) - Timely and acc
Slide 17: Take Proactive Measures: Educate & Partner
Take Proactive Measures: Educate & Partner Educate Your UC Team - Familiarize yourself with the various forms of UI fraud. A claim filed for a current employee might not be fraudulent but should be investigated. Employee Education - Educate employees about the risks of identity theft and UI fraud. Em
Slide 18: Addressing Fraudulent Claims
Addressing Fraudulent Claims Guidance on Responding - Develop a clear process for responding to fraudulent claims. This includes gathering evidence, documenting communications, and filing appeals when necessary. Offer Resources and Support - Provide employees with resources and support to help them na
Slide 19: How Equifax Can Help
How Equifax Can Help . | Workforce EQUIFAX Solutions
Slide 20: A More Holistic Approach to Helping Combat Fraud
A More Holistic Approach to Helping Combat Fraud Unemployment fraud is a continuing threat to businesses and employees alike * We offer a powerful suite of tools that work together to help defend against unemployment fraud – helping protect both you and your employees. Our more comprehensive approach
Slide 21: Unemployment Claims Fraud Watch
Unemployment Claims Fraud Watch Connecting unemployment claims and the alerting capability of our identity theft protection solution to proactively monitor for unemployment claims filed using your associates' identities and rapidly notifying them if we identify a claim submitted in their name. Unempl
Slide 22: Empowering Employees: Identity Theft Protection
Empowering Employees: Identity Theft Protection Help employees and their families fight identity fraud for greater peace of mind with ID Watchdog, from Equifax. “I wouldn’t have known that this (fraud) existed without an alert from Awarded Best in Class Identity ID Watchdog. Thank you for helping me
Slide 23: Q&A
Q&A Have a question? Enter it in the chat now!
Slide 24: Next Steps
Next Steps 1 SURVEY 2 CONTACT 3 CONNECT Complete the survey Want to talk to someone about Subscribe to Let’s Talk HR for updates: through the webinar your offboarding processes? Click console on the “Want to Get In Touch” button on your webinar console or contact us at: workforce.equifax.com/contact