Treasury Funds Secure in the Midst of Widespread Fraud
Olympia, Wa – As the state’s Employment Security Department (ESD) is dealing with reported widespread fraudulent unemployment claims and the subsequent financial fallout, the State Treasurer’s office has received multiple inquiries regarding the loss of these funds. State Treasurer Duane Davidson ensures taxpayers that Treasury dollars are not impacted by this fraud.
“The state’s Treasury dollars are not involved in any financial losses that have occurred due to fraudulent unemployment claims, as ESD works completely separate of the Treasury,” Treasurer Davidson said.
Although the Office of the State Treasurer (OST) does not maintain ownership of the particular account managed by ESD, OST is offering their support to ESD by providing any assistance possible during this time. While ESD directs financial distributions out of its own fund to assist those impacted by unemployment, OST manages an entirely separate account of taxpayer funds safeguarded under the security of the Treasurer’s Office staff and its automated security services.
“Accounts under the purview of my office are operating securely and I have the upmost confidence in my staff to continue providing banking services to the state,” Davidson said.