SoundView Advisors

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I Still Work Here

by Nate Porter: COO, SoundView Advisors

In Washington State, we are innovators. Whatever “it” may be, we’re at the forefront. And there’s nothing wrong with that! Somebody has to be the best! Whether it be computer sciences, music, the arts, medical innovation, MLS scarf... wearing? …but I digress.

Unfortunately, we even got the virus first (stateside, at least). That meant our local economy was quickly and dramatically affected by the economic toll of the crisis. In proportionate response, our state and local government agencies went into overdrive. They were under tremendous pressure to get unemployment checks (and other needed benefits) to folks with rapid efficiency. Typical waiting-periods were waived, and benefit limits were raised. Like the waters of the mighty Columbia, the money flowed.

Now, at this point, it is difficult for me to write (with a straight face) what exactly has been uncovered: it’s too unbelievable. It’s not that rampant unemployment fraud was discovered. That’s not shocking. It’s not that Washington State is the main target—we’re at the forefront of everything, remember? It’s the villain in this particular story—the unmasking of the antagonists themselves! That is what took my breath away.

The culprits… are a group of (drum roll…) sophisticated Nigerian cyber-attackers! The 90’s live again! Like a phoenix rising from a pile of shredded emails, these guys are back, and they’re stealing millions!

Watch For A Letter At Your Home

I received a letter at my home from the Employment Security Department of Washington State. This letter is not fake; it’s real. I was confused but didn’t pay it much notice. I thought it must be some mistake, or something everyone must be receiving.

Your Employer Will Get A Letter, Too

Soon after, SoundView also received a letter stating I had applied for unemployment benefits. This, however, did come as a bit of a surprise to me, seeing as I am the person who reviews such matters. The irony was thick. I drew upon all my well-honed COO skills… and started Googling.

Report the Fraud

In all seriousness, Washington State is handling this professionally. They were not ready for this potentiality but, hey, join the club! They have set up the link below to report the fraud.

https://esd.wa.gov/unemployment/unemployment-benefits-fraud

The Federal Government has an insanely comprehensive checklist of steps to take when you fear your identity has been compromised. Click below to start the process.

https://www.identitytheft.gov/

Why it Matters

I was not laid off. My job and SoundView are secure. So why all the fuss? So many reasons.

First, we must fight falsehood. Contrary to the notions of some, the notability of the true is worth standing up for, whether I am directly affected or not.

SoundView, on the other hand, would be affected by having to pay higher unemployment taxes/fees if the claims weren’t disputed; I’m helping my firm and its interests.

I’m helping my state, and its (dwindling) resources by ensuring it doesn’t pay one more cent to these crooks.

Lastly, if (God forbid) I, you, or someone we know were ever in need of these sorts of benefits, and we were the victim of this type of fraud, the system would indicate we were already receiving benefits – making it incredibly difficult for the people who need the funds most to receive them.

  

BIG TAKEAWAYS

Check Your Mailbox: I know it may feel old-fashioned, but once in a while something important shows up in that box in front of your house. Even SVA still sends birthday cards.

Keep Fighting: for truth, for our employers, for our state, and for the right to party.

We’re In This With You: it happened to me, it’s happened to some of our clients. Stay vigilant. Let us know if you suspect anything, and we’ll walk through this process (or any other identity-related issues) with you.