Define: Deceased Alert

Deceased alert is a notification system used by financial institutions and other organisations to identify when one of their customers or account holders has passed away. This system allows businesses to promptly update their records and take appropriate actions, such as freezing accounts or transferring assets to beneficiaries, in accordance with the deceased individual’s estate plan. Deceased alerts are crucial for preventing fraud, ensuring compliance with legal requirements, and facilitating the efficient administration of the deceased person’s affairs. They help to protect the assets of the deceased and facilitate the settlement of their estate in a timely manner.

Statement on a credit report that indicates to potential creditors that the individual has passed away. The alert statement is placed on the credit report to stop identity theft, to ensure a criminal is not able to take over the deceased individual’s identity.

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This glossary post was last updated: 29th March 2024.