Friday, August 28, 2015

PSA: Lo$t & Found

So, got this in email:

"My Money Monitor Asking Medical Mutual Members for Social Security Numbers and Other Identifying Information to Help Get Unclaimed Funds"

First, it should go without saying that one should never send this type of information without verifying the recipient.

Second, I was a bit curious as to how this outfit was able to ascertain the names of MMO insureds: was the carrier selling its client list?

Turns out that my fears were unfounded:

"This company ... pulls publicly available unclaimed funds reports from states"

So if you've never received or cashed that refund check (for example), it'll eventually show up on the list (both the amount and source). On the one hand, props to this outfit for its resourcefulness.
On the other, the company charges a recovery fee. One supposes that might be fair (they did, after all, have to scour 58 states' lists for this info), but, as Medical Mutual notes:

"[P]eople on the list are able to get their money for free by contacting the department in their state that handles unclaimed funds"

Methinks that might be a better (and safer) idea.
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