Scams

Feds warn of a fake life insurance letter promising you millions

A fraudulent inheritance letter claiming you're entitled to millions is part of a scam the FTC says is making the rounds again. ©Image Credit: Unsplash / Rifki Kurniawan

Checking your mailbox and finding a letter that says you're about to inherit millions of dollars from someone you've never met sounds like the opening scene of a mystery movie or the luckiest day of your life. Unfortunately, it's neither.

No, a secret lawyer didn't just find your long-lost millionaire relative

The Federal Trade Commission (FTC) is warning that an old scam has made a comeback, and this one skips your inbox entirely and comes in through your mailbox. The latter claims to be from a lawyer representing the estate of someone who recently died.

Conveniently, that deceased person shares your last name, which the letter uses as “proof” that you are the rightful heir to a life insurance payout worth millions.

The fake attorney usually spins a dramatic story, claiming they could not locate any other relatives and would love to help you claim the money. To move their agenda forward, they suggest splitting the fortune between you, their law firm, and a few charitable organizations.

The real jackpot here is the target’s personal information

Spoiler alert: there is no inheritance. The fake law firm, the deceased client, and the life insurance policy are all fictional.

The entire scheme is to get you to hand over sensitive information like your Social Security number, bank account details, and personal identification. They can even get victims to fall for upfront payments disguised as processing or legal fees.

Once scammers have the information they need, they can use it for identity theft, financial fraud, or simply disappear after taking the victim’s money.

This isn't the first time scammers have pulled this exact stunt

This is not a brand-new scheme. The FTC first sounded the alarm on it back in August 2023, when similar letters were reportedly sent to people in Korean, Vietnamese, and Latino communities, often claiming to come from a lawyer based in Canada.

Now, the agency says it is hearing from more people receiving nearly identical letters again.

The latest warning doesn't mention any specific communities being targeted. But if you receive one of these letters, do not send money or documents.

Instead, tell friends and family, and report it to the authorities. Better still, don’t respond at all to any stranger promising you millions or even thousands in exchange for your personal information.

Source: MLive

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