Unclaimed Money...Is it a SCAM?

Unclaimed Money...Is it a SCAM?

You've seen the reports everywhere: Billions of dollars supposedly waiting to be claimed by its rightful owners.

But is it all just a scam? The surprising thing is that it there is actually a lot of truth to unclaimed money but there are some pitfalls that you need to look out for.

We’ll help you figure out the truth about finding unclaimed money, property, and funds — and how to avoid getting scammed.

Let’s get started…

First of all, who wouldn't want to find free or unclaimed money that legitimately belongs to you? That's a very attractive proposition. But what you need to realize is that it is actually very easy to perform a search on your own.

So, here's some of the red flags that you need to be aware of when starting your unclaimed money search:

1. Upfront fee:

Many scams will attempt to charge you a fee to do an online search. Always remember that this simple search is something that you can do yourself, for free. Remember: State governments do not charge money for searching their database of unclaimed accounts or for making a claim.

2. Identity theft:

We would be VERY suspect about any company asking you to divulge sensitive financial information like bank account numbers or social security numbers. Many times these are scammers that are trying to commit identity theft with the data. Protect that information with your life!

3. Fraudulent emails:

One scam sends you an email supposedly from NAUPA (the National Association of Unclaimed Property Administrators). State unclaimed property offices do not use email to contact you. They simply don't have that information. It's too hard to verify that the email is truly yours.

4. Official letterhead or emails from NAUPA:

NAUPA is an organization that unclaimed property administrators belong to. NAUPA does not do anything with reuniting people with their missing money.

5. Bank account information:

When filing a claim with a state controller's office, you may have to supply your social security information, but you will NEVER be asked your bank account information.

Keep these handy tips in mind before you do your unclaimed money search and remember to contact the unclaimed property office in your state for more information as you go along.

Good luck!


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