A MAN received a letter in the mail alerting him that he was owed money from a $45 million program, sparking concern that the notice was a scam.
In response to an image of the letter he posted on social media, officials confirmed that the promised payment was in fact legitimate and that others would soon see the cash.
A man received a letter in the mail but was wary that it was a scam[/caption]
The notice informed him that he was owed cash from a $45 million program[/caption]
Scams are on the rise, with American consumers losing over $12.5 billion last year alone, per recent data from the Federal Trade Commission.
As fraudsters evolve their tactics and leverage new technologies, and Americans spend more time online, the risk of being scammed is becoming even more daunting.
The gnawing fear of losing cash to thieves pushed one Illinois resident to double check that a letter he received was not a scam.
The notice, claiming it was sent from the Office of the Illinois State Treasurer Michael Frerichs, alerted the man that he was owed $59.79 in unclaimed property and that the Illinois State Comptroller would mail him a check in the coming weeks.
“I received a piece of mail stating you are looking to refund me and send me a check if I verify information on a website then mail in a signed form,” he wrote to Frerichs on X. “Can you verify this?”
The treasurer responded to the resident’s concerns, assuring him that the letter was legitimate.
Expert Advice: How to protect yourself from fraud
Craig Costigan, the CEO of fraud experts NICE Actimize gave the following tips to readers of The U.S. Sun on how to stay safe from fraudsters.
- As the saying goes, trust but verify. Always question your text and email communications. It may not be from who you think it is. Look for giveaways that it is a scam email. If your bank contacts you about a fraud via a text or email, call the number on the back of your credit or debit card to contact the fraud department directly – much safer than giving data to an impersonator.
- Protect your personal identifying information such as social security cards, your blank checks and other IDs.
- Always be vigilant. Even the safest and most careful among us have encountered fraudsters – we survived
because we reported the activity immediately to our providers, changed our passwords and checked our credit reports for unusual activity. - If you are not applying for credit, you might also consider placing a freeze on your credit reports, such as Experian, TransUnion and Equifax, so fraudsters can’t open accounts in your name. You can easily unfreeze your credit when you want to open a new account.
“Your claim was found through our Enhanced Money Match program,” said Frerichs, noting that the Illinois man would be sent a check in the coming weeks.
Even the letter itself acknowledged Americans’ fear of rising scams, with a section titled, “What if I don’t believe you?”
“We often hear that from recipients,” explained the notice. It stated that the claim was valid but that residents could contact Frerichs’ office with any questions.
“We remain invested in you and take great pride in our work reuniting Illinoisans with these funds,” concluded the letter, signed off with the treasurer’s signature.
SEEING GREEN
Approximately 600,000 residents of Illinois are entitled to money they did not even know they were owed from a $45 million pot under the state’s missing money program, Frerichs announced in a press release.
The payments are going out as part of the most recent round of the Enhanced Money Match program, returning the money to residents via I-CASH, Illinois’ unclaimed property initiative.
While most of the checks to be distributed in the current round are worth $50 or less, some individuals can have multiple claims and their payments will be much higher.
“The first thing we tell people, is this – the money belongs to you, the check is real, and this is not a scam,” said Treasurer Frerichs.
What is the Enhanced Money Match program?
The Enhanced Money Match falls under Treasurer Michael Frerichs’ office’s Unclaimed Property program, also called I-CASH.
It’s one of the oldest consumer protection initiatives in Illinois.
Frerichs is responsible for protecting residents’ unclaimed property, including:
- Contents of overlooked safe deposit boxes
- Unpaid life insurance benefits
- Forgotten bank accounts
- Unused rebate cards
Illinois holds over $5 billion in unclaimed property, with over $2.3 billion returned to residents since Frerichs took office.
The state treasurer is required by law to hand back missing money to its owners or heirs regardless of how long it takes.
Illinois residents can check the online database at www.illinoistreasurer.gov/ICASH to see if they have missing money.
Source: Office of Illinois State Treasurer Michael Frerichs
“The second thing we tell them, is to cash the check! Who couldn’t use a little extra pocket money this summer?”
His office launched the Enhanced Money Match program seven years ago and has since returned over $130 million to more than 870,000 residents.
This summer’s roughly 600,000 checks owed makes it the biggest Money Match ever performed in the country.
The treasurer’s office started to send out notification letters at the end of last month.
“The checks soon follow and will hit mailboxes all summer long,” according to the press release.
See if you are in line to receive one of these other available payments.
Americans are slated to receive up to $160 from a $5.48 million settlement – you only need a code to get the payment.
Plus, a new round of $1,702 “permanent” stimulus checks is set to automatically hit accounts in just days – no strings are attached.
