marketsphere unclaimed property scam

marketsphere unclaimed property scam

marketsphere unclaimed property scam

Hi there! Do you know “marketsphere unclaimed property scam” ? If not, we are going to answer it on negarinfo .

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No, the letter you received from MarketSphere Unclaimed Property is not a scam. It is legitimate. You (or the person on the letter) is owed money from one of MarketSphere’s clients. MarketSphere is trying to locate the person on the letter to notify them that a check or other payment needs to be reissued from the client, or else the funds will be escheated to the state Treasurer’s department to be held there until you come forward (or search the state databases) as the rightful owner of the funds.

You have likely come to this page because you received a letter indicating that you may be owed money. You have received this letter because one of our clients is attempting to resolve an account they believe they may owe you.

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marketsphere unclaimed property scam
marketsphere unclaimed property scam

Follow these two steps for a check to be reissued to you:

  1. If you are the individual referenced in the letter, sign the letter where appropriate, and note any change of address if you have moved recently.
  2. Mail, fax or email a copy of the letter using the following information:
    MarketSphere Unclaimed Property
    P.O. Box 25430 Overland Park, KS 66225
    Fax: 866-209-4737
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The email or letter looks official

The email or letter looks official, and it contains an attention-grabbing message: The state is holding on to your unclaimed property, which may be worth hundreds of thousands of dollars. All you have to do is pay a fee upfront or provide your personal information and the money is yours.

But the letters and emails are the work of scammers, not state officials. A growing number of people across the country are receiving these messages and some are falling for them, losing thousands of dollars or becoming victims of identity theft in the process.

“These scams are just rampant,” said David Milby, director of the National Association of Unclaimed Property Administrators (NAUPA), which represents state unclaimed property programs. “The email from the public we’ve been getting about this has increased tenfold in the past year.”

Some scammers pretend they work for NAUPA and have even used its letterhead to make their pitch.

marketsphere unclaimed property scam
marketsphere unclaimed property scam

Be Careful

Besides costing victims money, consumer advocates say this kind of fraud diminishes public trust in state agencies that handle unclaimed property and makes it harder for them to do their jobs.

Unclaimed property is cash or other financial assets considered lost or abandoned when an owner can’t be found after a certain period of time. It includes dormant savings accounts and CDs, life insurance payments, death benefits, uncashed utility dividends and the contents of abandoned safe deposit boxes.

There is plenty of it. In 2015, unclaimed property agencies in the U.S. collected $7.8 billion and returned $3.2 billion to rightful owners, according to NAUPA. At last count in 2013, states were holding on to $43 billion in unclaimed property.

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