PRClaims.com Review – Payne Richards & Associates Refund Scam

Payne Richards & Associates (PRClaims.com) is one of many operations that recover unclaimed funds. What these people (shamelessly calling themselves “a firm of licensed private investigators”) do, is scour various publicly available databases to “discover” funds people have failed to claim. They then alert the said people about the existence of these funds and offer to recover the monies, in exchange for a 10% commission.

While the above-described MO is not exactly a full-blown scam, it has to be noted that PIs, such as PRClaims, mislead these people, never letting on that they could, in fact, recover those monies for free, with minimal effort, themselves. They pose as the sole entity capable of accessing the said funds, and thus they abuse the gullibility of their victims.

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The worst thing about it is that since such smooth operators never do anything illegal, they cannot even be grassed up to the authorities. PRClaims, for instance, have been in business since 2002 (according to their BBB profile page) and are still going strong.

Even though several high-profile media outlets have discussed the issue and have attempted to raise awareness over the years, people still seem largely unaware of the swindle they most often readily agree to and are even thankful for, when all is said and done.

The PRClaims.com website features several hand-written “Thank You” letters, which one is tempted to regard at first glance as cheap forgeries, often used by the perpetrators of various scams. The saddest thing is that these letters are quite probably genuine. Considering how PRClaims serves up the deal to its victims, it is hardly surprising that people are more than willing to part with a couple of hundred bucks to recover a couple thousand.

The key person of interest behind the PRClaims operation is a certain Mr. Paul R. Hashim, who has been involved with several such companies over the years, among them one called US Claims Services (usclaimsservices.com), which at one point was the focus of an investigative article from the LA Times. The column discusses the pitch used by Mr. Hashim and his crew and the various misleading claims they pile onto their victims to convince them to cooperate. While some may indeed argue that the services provided by the likes of PRClaims are – to a certain degree – legitimate, there’s little doubt they are based on deception.

How do you recognize an unclaimed money scam?

While PRClaims is a relatively neutral name from the perspective of trust-building, Mr. Hashim’s other operation, US Claims Services, played a much more aggressive game in this regard. Trying to pass itself off as some authority, the “agency” sought to establish a positive rapport with its would-be clients/victims from the get-go. It also claimed a regulatory profile that simply did not exist. PRClaims is obviously doing the same, claiming it is licensed by the Ohio Department of Commerce and the Florida Department of Agriculture and Consumers Services, among other authorities. Still, it is unclear if this is true. It may well be, though, since Mr. Hashim and his crew have been busted making false claims in this regard in the past, they may have put in the extra effort to make things right and less exposed to scrutiny on this front.

The letter/email sent out to the unclaimed money scam victims usually talks about a third-party escrow. This is where things become somewhat hilarious. These third-party escrow accounts are usually the state controllers, who feature easy-to-access online databases and are more than glad to return the funds to their rightful owners, free of charge. What you need to do – if you ever receive a letter/email from an operation like PRClaims – is to access the site of your state’s controller, check whether you do indeed have unclaimed money registered, and then make your claim directly with them. You’ll thank yourself for the money you’ll save this way, especially when dealing with a significant sum.

The dangers of dealing with operators such as PRClaims.com

Based on the above, one would say that the worst-case scenario when dealing with a “scammer” of PRClaim’s ilk, would imply paying an unnecessary 10% fee on the recovery. The money would still be recovered, though, right? Not necessarily.

According to the above-linked BBB profile of PRClaims, some people got treated way worse than that. One person, for instance, committed the mistake of replying to PRClaims’ initial message, and handing them his personal information. The “agency” quickly slapped him with several bills, while completely forgetting about taking care of the actual recovery. Eventually, the victim was forced to pay the bills and re-initiate the recovery process from scratch, through the proper channels.

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Other complaints detail proposals that included the above said 10% for a service that cost the person who posted the complaint, about 5 minutes of time spent online.

How should you proceed if you do indeed receive a letter from an unclaimed money recovery agency?

Do not reply to the message, and do not give them your personal information under any circumstances. Most people check with their local state controller to see if there is indeed substance to the claim. If they are indeed owed unclaimed money, they can simply go about recovery independently, directly contacting the state controller. Cutting out the middleman is the way to go, and that is what you should do.

Complaint We Received

On July 27, 2023, we received the following complaint from a person who reported losing more than $1000:

I received a letter stating that Payne Richards & Associates had taken over my funds from the Unclaimed Property Division as a Finder. I submitted the required paperwork but haven’t received any money. I’ve now discovered that I was scammed. While it may not be $5000, it feels like that amount, considering I live on social security.

Payne Richards & Associates Refund Scam: The bottom line

If you know how to handle the situation, a letter from a PRClaims-like agency may even work out in your favor. Again: what these people do is not illegal, and it is not what one would call a hands-down scam either. It is based on deception, though, so it does not happen in good faith.