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State treasurer warns of unclaimed property scams

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Posted at 2:46 PM, Apr 10, 2020
and last updated 2020-04-10 15:46:12-04

The Louisiana Department of Treasury and State Treasurer John M. Schroder warned the public on Friday to be wary of scams involving Unclaimed Property after a number of people reported receiving text messages about lost money.

According to Schroder, the state treasury does not communicate with unclaimed property recipients through text messages.

"The best way to check for Unclaimed Property is to check our website at www.latreasury.com or call us at 1-888-925-4127," said Schroder in a statement warning of the scams. "Unfortunately, scam artists are sending text messages pretending to be us. Please do not click on the links in these fraudulent messages."

The state treasury states it recently mailed $4 million in unclaimed property money to Louisiana citizens after using tax records to update addresses. Those checks are real, it states.

According to the state treasury, each year businesses turn over millions of dollars in unclaimed cash, stocks, bonds, securities and insurance proceeds to the state treasurer's office.

Known as "unclaimed property," these funds include payroll checks, old bank accounts, royalties, utility deposits, interest payments, stock certificates and life insurance proceeds, the treasury states. One in six individuals in Louisiana has unclaimed property, with refunds averaging $900.