Don’t Fall Victim to Unclaimed Property Scams

In today’s world, people are understandably skeptical when receiving communications suggesting they have been identified as the rightful owners of money and can claim it by providing certain personal information. Most of us have received enough poorly worded emails purporting to come from African royalty to know that such offers of available funds are usually too good to be true.

Unfortunately, these unscrupulous schemes have created an environment where legitimate unclaimed property notices are often disregarded. All 50 states have unclaimed property laws intended to notify property owners that their funds have become dormant and, if they don’t promptly take action to confirm ownership, their property will transfer to the states for safekeeping until claimed.

Some unclaimed funds are easily identifiable using state websites. However, the criteria for property types and information accessible via these sites varies by state, hindering the claim process.

Similarly, scammers seeking a quick cash grab or personal information that can be used for identity theft sometimes contact people listed in state unclaimed property databases. For example, Ohio residents have received postcards telling them to claim their funds by phone. Upon calling, they are instructed by a recorded message to provide their Social Security number. If they do so, they hear another message directing them to search for their property on the state’s unclaimed property website. The scammer has gained access to the caller’s Social Security number, which can be used for nefarious purposes.

In other cases, the scammer offers to help the rightful owner claim their funds in exchange for an upfront fee. The unwitting property owner pays, and once the funds clear their account, they never hear from the scammer again. This type of fraud sullies the reputation of legitimate asset recovery services that help property owners who may not otherwise have the time, resources or knowledge to claim their property on their own.

Knowing how to differentiate between legitimate and bogus unclaimed property letters is essential for claiming rightfully owned property rather than becoming a fraud victim. A few red flags that may indicate a letter is illegitimate include:

• Generic email domain: Fraudsters often use free email account services. Be cautious of unclaimed property emails sent from gmail.com, hotmail.com, yahoo.com, aol.com or similar easily acquired, free email services rather than a domain belonging to the company sending the email. For example, MarketSphere’s emails come from marketsphere.com addresses.
• Unprofessional appearance: While some scammers use letters that are difficult to differentiate from legitimate ones, many are riddled with typos, poorly written or contain blurry, distorted or stretched-out company logos.
• Lack of verifiable identity: If a Google search for the sender’s company does not yield a website, LinkedIn profile and other legitimate sources validating the sender’s identity, beware.
• Limited details: Scammers typically cannot provide details about potential unclaimed property beyond what is available on state unclaimed property websites.

MarketSphere Unclaimed Property specializes in a variety of unclaimed property services, including assisting property holders with their unclaimed property compliance requirements and corporate asset recovery—identifying and recovering unclaimed property on behalf of clients. MarketSphere unclaimed property letters stand apart from those used by scammers in several ways:

• Verified credibility: MarketSphere is a reputable, well-established company providing unclaimed property services since 2003. We are longtime, active members of the Unclaimed Property Professionals Organization, and Managing Partner and CEO, Jon D’Amato, is an expert contributor to noteworthy publications, including Forbes. We have an active LinkedIn presence and a professional website that reflects our professional services.
• No personal information: We don’t ask for sensitive personal data like your Social Security number, banking information or anything unrelated to the recovery process.
• No upfront payment: We never require money upfront for corporate asset recovery services. Clients pay us on a contingency basis if we successfully recover your funds.
• Transparency: MarketSphere provides potential corporate asset recovery clients with an identified report detailing property data, check number and location of unclaimed funds without obligation after you sign and return a non-disclosure agreement.

MarketSphere provides transparent, trustworthy, unclaimed property solutions. With more than two decades as an established industry leader, we offer legitimate services without the fear of hidden fees, sketchy personal information requests or other unscrupulous scam tactics. Have questions? Don’t hesitate to contact us.

*Content contained in this article is considered accurate as of the publish date.