Unclaimed Money Scams Growing Each Year

Unclaimed Money Scams Growing Each Year

Unclaimed Money Scams

Many people have unclaimed funds available to them with no knowledge.

streetdirectory.com, reports that experts have estimated that as many as 8 out of 9 people are owed unclaimed money. This statistic seems high, but consider that in California alone close to $1 Billion will be added from 2006 to the $4.8+ Billion already laying in the CA state unclaimed money pool

Many state treasurer offices have databases available for people to find out if they have any money available. Unfortunately, scammers have been taking advantage of people’s eagerness to find out if they have unclaimed money out there.

Founder of CashUnclaimed.com, Bill McIntosh, comments on the recent unclaimed money scams, “It is a shame that people are using unclaimed money for their own benefits. Recently, there has been an increase in news reports about people who stole unclaimed money from others, or email scams using unclaimed money, in order to get personal information. It makes it difficult for legitimate, honest companies such as mine, as it creates skepticism on the concept.”

There are many people who have received a letter in the mail claiming that for a small processing fee they can submit their claim for unclaimed funds up to several million dollars. The address that the claimant is suppose to send the processing fee to is an apartment building in New York City with no affiliation to any proper unclaimed money channels.

The recently countrywide unclaimed funds estimate amounts to over $32 billion, which includes 117 million different accounts, according to the National Association of Unclaimed Property Administrators.

As the government is making strong attempts to return this money to the rightful owners, it is men like the Ohio resident, Alexander Mitchell, who make it difficult.