Unclaimed Money Scams: How To Spot Them and Protect Yourself
The fact that billions of dollars in unclaimed money genuinely exists makes it the perfect cover story for scammers. Every year, thousands of Americans are targeted by fraudulent letters, emails, phone calls, and websites that exploit the unclaimed property system to steal money and personal information.
This page is your complete guide to recognizing, avoiding, and reporting unclaimed money scams.
The 8 Most Common Unclaimed Money Scams
1. The Fake Government Letter
How it works: You receive an official-looking letter with a government seal claiming you have unclaimed money. To “release” the funds, you must pay a processing fee ($25-$500) or provide your Social Security number, bank account number, or other personal information.
Why it’s a scam: Real state treasuries never charge fees to return your unclaimed money. While some states do send legitimate notification letters, they will never ask you to pay anything or provide bank account numbers by mail.
How to verify: Look up your state’s unclaimed property office directly (use our state directory) and search for yourself through the official website.
2. The Advance Fee Scam
How it works: Someone contacts you claiming they’ve found a large sum of unclaimed money in your name — often tens of thousands of dollars. Before they can release it, you need to pay taxes, legal fees, insurance, or processing charges upfront. The fees keep increasing, and the money never arrives.
Why it’s a scam: Legitimate unclaimed property programs never require you to pay money to receive money. Any fees (such as legitimate state finder fees) are deducted from the payout — never paid upfront.
3. Predatory Finder Services
How it works: A company sends you a letter saying they’ve located unclaimed money in your name and will recover it for you — for a fee of 10-35% of the total amount. They may use high-pressure tactics and make the process sound complicated to justify their fee.
Why it’s problematic: While some finder services are legal and licensed, they charge you for something you can do yourself for free. A $50,000 find at a 30% finder fee costs you $15,000 for a service that involves filling out a form on a state website. Many states have laws limiting finder fees and prohibiting finders from contacting you within a waiting period after your property is reported.
What to do: Search and claim the property yourself through the official state website. It’s free and usually straightforward. See our How To Claim guide.
4. Phishing Emails and Texts
How it works: You receive an email or text message claiming to be from a state treasury, the IRS, or “MissingMoney.com” with a link to claim your unclaimed property. The link leads to a fake website designed to steal your login credentials, Social Security number, or financial information.
Why it’s a scam: State treasuries rarely communicate by email about specific claims, and they never send unsolicited text messages. Official government websites end in .gov — not .com, .org, or other extensions.
How to protect yourself: Never click links in unsolicited emails about unclaimed money. Instead, go directly to your state’s official unclaimed property website by typing the address into your browser.
5. The Inheritance Scam
How it works: You receive a message (letter, email, or social media message) claiming you’re the heir to a large fortune from a distant relative or unknown benefactor. To claim your inheritance, you need to pay legal fees, taxes, or provide personal documents.
Why it’s a scam: Legitimate inheritances are handled through probate courts and estate attorneys — not through unsolicited letters from strangers. No legitimate inheritance process requires the heir to pay fees before receiving funds.
6. Fake Unclaimed Property Websites
How it works: A website that looks like an official government unclaimed property database asks you to enter personal information to search for your money. The site harvests your data for identity theft or charges a “search fee.”
Why it’s a scam: Official state unclaimed property searches are always free and hosted on .gov websites. Any site charging for a search or asking for your SSN to search (as opposed to filing a claim) is not legitimate.
How to identify fakes: Check that the URL ends in .gov. Look for the official state seal. Cross-reference with our verified state directory.
7. Social Media Scams
How it works: Posts on Facebook, TikTok, Instagram, or YouTube claim “the government owes everyone $X” or promote a “secret database” of unclaimed wealth. They link to fake websites, promote paid courses, or use affiliate links to sketchy finder services.
Why it’s misleading: While unclaimed money is real, these posts wildly exaggerate how much most people are owed and direct people to unofficial (often paid) services instead of free government databases.
8. Phone Call Scams
How it works: You receive a phone call from someone claiming to be from your state treasury, the IRS, or an unclaimed property office. They say you have money waiting and need to verify your identity by providing your Social Security number, bank account number, or paying a verification fee.
Why it’s a scam: Government agencies almost never cold-call people about unclaimed property. They use mail as the primary communication method. They never ask for sensitive financial information over the phone.
Red Flags: How To Instantly Spot an Unclaimed Money Scam
- They ask for money upfront — legitimate claims are always free. No exceptions.
- They create urgency — “act now or lose your money forever.” Most states hold unclaimed money indefinitely.
- They ask for bank account or credit card info by phone/email/text
- They ask for your SSN in an unsolicited contact — you should only provide your SSN on an official .gov website claim form
- The website URL is not .gov — official state unclaimed property sites use government domains
- They claim to be from the government but use a Gmail, Yahoo, or other free email address
- The letter has grammatical errors, generic greetings, or no specific property details
- They guarantee a specific dollar amount before you’ve even searched
- They pressure you to sign a contract immediately
What To Do If You’ve Been Targeted
- Do not send money or share personal information
- Verify independently — search your state’s official unclaimed property database yourself through our state directory
- Report the scam to:
- Your state Attorney General’s office
- The Federal Trade Commission (FTC) at ReportFraud.ftc.gov
- The FBI’s Internet Crime Complaint Center (IC3) at ic3.gov
- Your state treasury’s unclaimed property division
- If you shared personal information, place a fraud alert on your credit reports with all three bureaus (Equifax, Experian, TransUnion) and consider a credit freeze
- If you sent money, contact your bank or payment provider immediately to attempt a reversal
How To Protect Yourself Going Forward
- Bookmark your state’s official .gov unclaimed property website and always go directly to it
- Never click links in unsolicited emails or texts about unclaimed money
- Search for your unclaimed property yourself — it’s free and takes minutes
- Be skeptical of unsolicited letters, even if they look official
- Never pay upfront fees to claim unclaimed property
- File your own claims directly through official state websites — use our How To Claim guide
- Share this page with family and friends, especially older relatives who are frequently targeted by these scams
State Finder Fee Limits
Many states have laws limiting what finder services can charge and when they can contact you. Common regulations include:
- Finder fees capped at 10-20% in many states (some states allow up to 35%)
- Prohibition on finder contact during a “quiet period” (often 2 years after property is reported to the state)
- Requirement that finders be licensed and registered with the state
- Prohibition on finders working as state employees or contractors
Check your state’s specific regulations through your state treasurer’s office.
Ready to search safely? Use our verified state directory →