Unclaimed Property Program Provides Fraud Warning to Property Holders
Last week, the state controller’s office (SCO) released its Unclaimed Property Program’s 2014 Spring Newsletter, which contains a warning to holders of property (see page 4) from the SCO’s fraud unit advising property holders to ensure that they are communicating with the rightful owner when they are contacted directly by property owners as a result of a due diligence or pre-escheat letter.
The warning reminds property holders that they are responsible for establishing proper internal standards to determine if they are communicating with the rightful owner prior to returning property or updating the property account information. The warning makes recommendations for establishing an owner’s identity and recommends that if a property holder believes the person they are communicating with does not meet the internal standards to demonstrate ownership to then send the property to the SCO. Once the SCO receives the property, the property owner may file a claim form along with proof of ownership to reclaim their property from the SCO.
If you have any questions, or need further assistance, please contact the fraud unit at (916) 464-6259 or email Gillian Knight at firstname.lastname@example.org.