Postcards promising unclaimed cash used in scam
By Greg Collier
Unclaimed property refers to any financial asset or property that has been abandoned or left dormant by its rightful owner for an extended period of time. This could include dormant bank accounts, uncashed paychecks, unused gift certificates, forgotten security deposits, unclaimed insurance proceeds, or even abandoned safe deposit boxes.
When a person or business fails to take action on these assets for a certain period of time, the property is considered abandoned or unclaimed. State laws require financial institutions, businesses, and other entities to turn over unclaimed property to the state’s unclaimed property office, where they hold it until the rightful owner comes forward to claim it.
States have various ways of trying to locate and return unclaimed property to its rightful owners, including maintaining searchable online databases, sending notifications to potential owners, and conducting outreach campaigns.
What these states don’t do is send out postcards falsely claiming you have unclaimed money redeemable at retailers like Walmart or Target, as recently experienced by many Florida residents.
Numerous Sunshine State residents received such postcards in their mailboxes, offering a $100 voucher valid at popular retailers. Mirroring typical scams, these postcards urged recipients to act swiftly, warning that the voucher would expire soon.
Recipients are supplied with a phone number to claim their reward, which the notice states can be redeemed at major retailers such as Target and Walmart. Upon calling, individuals are prompted to provide personal information under the guise of confirming their identity.
A Florida resident recounted calling the number and being prompted to disclose her date of birth. However, upon the request for credit card information by the individual on the other end, she promptly terminated the call.
In the United States, there is typically no charge associated with searching for or claiming unclaimed property. However, there are third-party consultants who may offer their assistance in locating and claiming unclaimed property for a fee.
These third-party services are generally legal, but you should be cautious before entering into a contract with any third-party organization that contacts you to assist in claiming your unclaimed property. This caution is necessary to avoid potential scams.
If you receive unsolicited correspondence such as a letter, phone call, or email from an unfamiliar source, exercise caution. Legitimate companies typically refrain from contacting individuals in this manner unless prior permission has been granted.
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