Unclaimed property is real. Old bank accounts, uncashed checks, stock certificates and unused gift cards can end up in state hands after a stretch of inactivity. Scammers know that, and they use the idea of forgotten money to get personal information or an upfront payment. Five warning signs cover most of the pitches.
If a message about found money asks you to pay first or act fast, check it against the official state program before you answer.
What unclaimed property is and who holds it
Unclaimed property is lost or forgotten money. Examples include old bank accounts, uncashed checks, stock certificates and unused gift cards. After a period of inactivity, the holder turns the money over to the state. Businesses are required to do this annually, and the state safeguards the assets until the owners or their heirs claim them.
The amounts are not small. Vermont says its Treasurer's Office holds over $150 million. New York's Comptroller says it returns over $2 million each day to entitled owners. The New York State Comptroller says there is no fee and no time limit to claim property turned over to its office.
That custody matters for spotting fraud. The money sits with a state program, not with a stranger who phones you. A real notice can be confirmed through an official database, so a real claim does not depend on a caller's say-so.
Warning signs one and two: unsolicited contact and pressure to hurry
The first sign is an unsolicited call or text asking for money or personal information. Vermont's Treasurer, relaying an FTC alert, says scam outreach often looks exactly like this. Vermont also says its office will never call or text residents, and will never ask for payment to return unclaimed property. Pennsylvania Treasury likewise says it does not send unsolicited texts about unclaimed property.
The second sign is urgency. Scammers may quote a specific dollar amount and push you to act now. Some use a fake government name to look official. Messages that say your right to claim will expire are a classic version. Florida says the right to claim unclaimed property never expires, and New York says the same about its own holdings. Check how long your own state allows, but treat an "act now or lose it" message with suspicion.
- A call or text you did not ask for
- A specific dollar amount paired with a deadline
- A government-sounding name you cannot verify
Warning signs three to five: up-front fees, odd paperwork and generic postcards
The third sign is a demand for payment up front. Official state programs say searching and claiming is free. New York's Comptroller states this plainly. Be careful with the nuance, though. A third-party finder or locator may offer to do the work for a fee. That is legal in most cases, but it is not required, because you can file the same claim yourself for nothing. The FDIC advises caution with anyone who demands money up front or charges for a service you can do yourself. Our sources do not say how to tell a legitimate finder from a scam, or what finders typically charge, so treat any such offer as something to verify first.
The fourth sign is an email or letter telling you to hire a lawyer or pay up front before you can see what is owed. The fifth is the generic postcard that directs you to a toll-free number. California says its State Controller's Office is not connected with these postcards.
Even an address ending in .gov, .mil or fed.us does not settle it. Those can be faked too.
How to check a notice and what to do next
Do not click the link or call the number in the message. Do not reply. Instead, search MissingMoney.com, the national database, or find your state's official program through NAUPA, the National Association of Unclaimed Property Administrators. Then ask three questions:
- Does the official search show this claim under my name?
- Does the message come from a verified government channel, keeping in mind that addresses can be faked?
- Is anyone asking for payment or up-front fees for something I can do free?
If the official search shows nothing, the message is probably not what it claims to be. Vermont asks residents to report outreach to its Treasurer's Office. The sources reviewed do not explain how to report to the FTC or to other state offices, so contact your own state program through NAUPA to ask.
The FTC consumer alert on unexpected calls about unclaimed funds covers the same ground at the national level.
If you already paid or shared information
The sources do not say what to do if you already sent money or personal information to a scammer. They also do not cover protecting yourself from identity theft after sharing details. Reasonable first steps are to stop all contact and to tell your state treasurer or comptroller office what happened. For money already sent or identity concerns, contact your bank or card issuer and consider asking an independent legal professional for advice that fits your situation.
