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Understanding Unclaimed Property and How to Avoid Scams
What Is Unclaimed Property?
Unclaimed property refers to money and other assets that are handed over to the state when the owner cannot be located. Common examples include:
- Uncashed paychecks
- Overpaid utility bills
- Forgotten security deposits
- Old bank accounts
If these assets remain unclaimed for a certain period, they are transferred to the state, which holds them until the rightful owner claims them.
Is Unclaimed Property a Trap?
While unclaimed property itself is legitimate, there are scams that exploit this process. Scammers may contact you via mail, text, or other means, claiming you have unclaimed assets. They often ask for sensitive information, such as your Social Security number, or request money to release the property.
How to Avoid Unclaimed Property Scams
To protect yourself from unclaimed property scams, follow these steps:
1. Beware of Phishing Signs
Phishing attempts can be sophisticated, but there are common red flags:
- Threatening or urgent messages
- Offers that seem too good to be true
- Generic greetings
- Requests for money or personal information
- Strange attachments or links
Scammers may pose as estate attorneys or government representatives. Always be cautious of unexpected communications from these sources.
2. Don’t Be Pressured Into Action
Ignore messages that create a sense of urgency or fear. Instead, verify the agency independently and contact them directly to confirm any claims.
3. Use a Legitimate Unclaimed Property Database
Search for unclaimed property for free using trusted databases. The National Association of Unclaimed Property Administrators and MissingMoney.com are reliable resources.
Specific asset search tools include:
- National Credit Union Association for unclaimed deposits
- U.S. Bankruptcy Unclaimed Funds Locator for bankruptcy-related funds
- Treasury Hunt for forgotten securities or uncollected interest
4. Avoid Third-Party Services
While some unclaimed property locators are legitimate, they charge fees for services you can perform for free. It’s best to use official resources to avoid unnecessary costs and potential scams.
The Bottom Line
Unclaimed property scams use deceptive techniques to exploit the unclaimed property process. To avoid falling victim, always verify notices through legitimate websites and handle claims independently.
For any mortgage service needs, O1ne Mortgage is here to help. Call us at 213-732-3074 to speak with one of our expert loan officers today.
