Fighting Fraud

Earlier this year, a fraudster attempted to steal nearly $800,000 from Mississippi’s unclaimed money program.  On paper, the claim looked legitimate. There was a birth certificate, supporting documentation, and a request to send money to a real bank account at a respected financial institution.

But my team had a gut feeling, so they refused to just rubber stamp it. Instead, they dug a little deeper and found a sophisticated fraud scheme. Although the paperwork checked out, the social media profiles did not. By going the extra mile, we thwarted the theft and protected the rightful owner’s assets – and thank goodness we did because once money leaves an account, the chances of recovery are nearly nil.

This was the discussion during a roundtable I participated in with the Department of Justice this July. Together with other Mississippi leaders and financial administrators across the southeastern region, I signed a critical data-sharing agreement, which gets information into the hands of investigators earlier and gives all of us a better chance at stopping fraud before families lose a dime. Fraudsters don’t stop at state lines; our investigations shouldn’t either.

In addition to the data-sharing agreement, I urged the Justice Department to take proactive measures. I shared that Mississippi, for example, had become the first state in the country to require a citizenship verification before unclaimed money is distributed. This was an important step that both prioritizes claims from citizens and creates roadblocks for noncitizens who seek to steal from Americans.

Finally, I called on the administration to help pressure banks and financial institutions to help in this fraud fight. Everyone in a financial asset’s chain of custody must be active participants in this effort – and there is no more powerful voice than this administration.

President Trump made it clear from day one that the era of looking the other way on fraud is over. From his Executive Order targeting cybercrime to the DOJ’s aggressive new anti-fraud efforts, this administration isn’t just talking about accountability – it’s delivering it.

That leadership is changing the culture of government – at all levels – and I’m proud to help lead the effort here in Mississippi. I look forward to representing our state at the table and remain committed to going the extra mile to protect your money and your interests.