Buying A House?! Be Warned – Wire Fraud Is On The Rise! | ADHI Schools

Buying a house?! Be warned - Wire fraud is on the rise!

Published by Kartik Subramaniam

Reading Time : 2 minutes

Internet security link

Hi all:

I wanted to give my readers a bit of a public service announcement with this article. Recently, 74 people were indicted on wire fraud related to real estate purchases.

How does this scheme work? Hackers are locating people who are in the process of buying a home or other real estate. The hacker then spoofs an email from the escrow company that you are using for your particular home or building purchase. Wiring instructions are sent saying something like, “Your down payment’s should be sent to our escrow company. Here are our routing number and account numbers.”

As it turns out, that’s not the routing number nor is it the account number of the escrow company, and hardworking Americans send their money to these scammers.

If you’re in the process of buying a piece of real estate my hope is that your escrow company is shares this information with you. It is absolutely mission critical that you call the escrow company, speak with the escrow officer, and verbally verify the account number and routing number. Don’t just rely on things that have come via email. You could find yourself the victim of wire fraud. I’m so happy that almost 100 people have been indicted and taken off the streets so that they can’t harm future purchasers.

The tip here involves ensuring that you call the escrow company directly. Another pro-tip is not to call the phone number on the wiring form that comes via email as that could also be fake. Call the number that you find for them on Google or on Yelp, and verify that you’re talking to the right person before you wire that money in. Better yet – stop by and talk to someone face to face if possible.

Here is a link to the news article about the 74 people that have allegedly committed this crime.
If I haven’t gotten to know you on Instagram, I would love to. I’m @kartikspics. Also, we have a YouTube channel linked here – make sure you subscribe to the channel!

As always if you are interested in taking real estate classes online or even live real estate classes let us know. If you need state examination prep, we also have you covered!

Kartik Subramaniam

Founder, Adhi Schools

Kartik Subramaniam is the Founder and CEO of ADHI Real Estate Schools, a leader in real estate education throughout California. Holding a degree from Cal Poly University, Subramaniam brings a wealth of experience in real estate sales, property management, and investment transactions. He is the author of nine books on real estate and countless real estate articles. With a track record of successfully completing hundreds of real estate transactions, he has equipped countless professionals to thrive in the industry.

Enjoy what you read?

Sign up for our newsletter and get weekly updates on our latest articles

Real estate market analysis

The Real Estate Market: Why Homeownership is More Crucial Than Ever

Homeownership Benefits and Financial Stability through Real Estate Back in 2002, right after I got my real estate license,


Real estate market analysis

The Lock-in Effect: How Low Mortgage Rates Are Freezing the Housing Market

Trapped by a Good Deal: The Lock-in Effect Gripping the Housing Market The American dream of owning a home has


Real estate market analysis

Understanding Property Taxes: How They Fund Education and Impact Communities in California

Understanding how local education is funded in California is not just crucial, it's empowering for homeowners, parents, voters, and