Lost monies search11/4/2022 ![]() ![]() The only exception is the contents of abandoned safe deposit boxes, which are often too unwieldy for states to store. The state agencies hold the funds indefinitely. Some people may have forgotten about the account, moved, changed their name or died. Often, they haven’t heard from the owners or been able to get in touch with them over a period of time. “People think it’s their money.” Lost Moneyīanks, insurance companies and other businesses are required by law to turn over assets from abandoned accounts to state unclaimed property agencies. “There’s an air of legitimacy to them,” said John Breyault, a vice president at the National Consumers League. The scams play on the idea that people are simply getting back assets they’re owed. ![]() They simply contact people at random, using email, letters or phone calls, hoping to snare a victim. Forty states and the District of Columbia also provide that information to a NAUPA-endorsed national website that the public can search.īut fraudsters don’t bother reviewing or collecting that data. The treasurer, comptroller or auditor of each state maintains a list of abandoned property and runs an online database that anyone can search by name for free. At last count in 2013, states were holding on to $43 billion in unclaimed property. collected $7.8 billion and returned $3.2 billion to rightful owners, according to NAUPA. In 2015, unclaimed property agencies in the U.S. ![]() It includes dormant savings accounts and CDs, life insurance payments, death benefits, uncashed utility dividends and the contents of abandoned safe deposit boxes. Unclaimed property is cash or other financial assets considered lost or abandoned when an owner can’t be found after a certain period of time. Some scammers pretend they work for NAUPA and have even used its letterhead to make their pitch.īesides costing victims money, consumer advocates say this kind of fraud diminishes public trust in state agencies that handle unclaimed property and makes it harder for them to do their jobs. “The email from the public we’ve been getting about this has increased tenfold in the past year.” “These scams are just rampant,” said David Milby, director of the National Association of Unclaimed Property Administrators (NAUPA), which represents state unclaimed property programs. A growing number of people across the country are receiving these messages and some are falling for them, losing thousands of dollars or becoming victims of identity theft in the process. All you have to do is pay a fee upfront or provide your personal information and the money is yours.īut the letters and emails are the work of scammers, not state officials. The email or letter looks official, and it contains an attention-grabbing message: The state is holding on to your unclaimed property, which may be worth hundreds of thousands of dollars. State officials say residents should contact them if they think they have abandoned property and be wary of scammers who promise to reunite them with lost property for an upfront fee. Sports memorabilia is part of an auction of abandoned safe deposit box contents conducted by the Massachusetts Treasurer’s Office in 2015. ![]()
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