Every industry sustains a potential for fraud. Wherever money changes hands, criminals look for opportunities to hijack funds. It's no different in unclaimed property. Fraud is a very real concern for unclaimed property holders who are looking to reunite property with rightful owners. Unclaimed property fraud can result in damage to a company's finances, reputation, and audit outcomes, in addition to creating a feeling of distrust among employees and customers.
Fraudulent owner claims can be difficult to identify and resolve, but a conscious assessment of the potential for fraud in your organization can help you beat this frustrating challenge. We recommend beginning your fight against unclaimed property fraud with an understanding of where it originates.