Why Unclaimed Money Attracts Scammers
The idea that money is waiting for you is exactly what makes this topic a target for fraud. The Federal Trade Commission has warned about calls and texts that claim you’re owed unclaimed funds and push you to act right away.
The good news is that these scams follow a predictable pattern. Once you know the warning signs, they’re easy to avoid.
7 Red Flags of an Unclaimed Money Scam
- They ask for a fee to search or release your money. Official state and federal searches and claims are free.
- They contact you first. An unexpected call, text or email saying money is waiting is a classic opening.
- They pressure you to act fast with phrases like “final notice” or “funds will be lost today.”
- They ask for bank login details or passwords. No agency needs your online banking password.
- They want payment by gift card, wire transfer or crypto. Government agencies don’t accept those payments.
- The link doesn’t lead to an official site. Look-alike websites copy state seals and logos.
- They promise a specific amount before you’ve confirmed anything on an official site.
How to Confirm You’re on an Official Site
- Type the address yourself or start from a trusted directory, such as NAUPA’s list of state offices or USA.gov, instead of clicking links in messages.
- Look for addresses ending in .gov or a state government domain. MissingMoney.com is the official multi-state site sponsored by state administrators.
- Check that the site never asks for payment to search.
- When in doubt, call the state unclaimed property office using the number on its official website.
What About “Finder” Companies?
Some legitimate companies, often called finders or heir locators, contact people about unclaimed property and offer to file the claim for a percentage. Many states regulate or cap these fees. Before signing anything, search the official database yourself. If the money is there, you can usually claim it for free without giving up a share.
If You Think You Were Targeted
- Stop responding and don’t click any links in the message.
- If you shared bank details, contact your bank right away.
- If you shared your Social Security number, consider placing a fraud alert or credit freeze with the credit bureaus.
- Report it to the FTC at ReportFraud.ftc.gov.
The safest approach is simple: search only on official sites, never pay to search, and use the steps in this series, starting with Step 1.
One More Way You Could Be Owed Money
Unclaimed property isn’t the only money you might be owed.
Big companies like Amazon regularly settle class action lawsuits, and many customers qualify for a payment without knowing it. See which settlements are open and how to file a claim.
Your Unclaimed Money Checklist
This guide is part of a 7-step series. Work through each step to make sure you haven’t missed any money in your name:
- Step 1: Search every state you have lived in
- Step 2: Check for unclaimed IRS tax refunds
- Step 3: Find old savings bonds with Treasury Hunt
- Step 4: Look for back wages from old jobs
- Step 5: Check the federal databases
- Step 6: File your claim the right way
- Step 7: Avoid unclaimed money scams (you are here)
