Scammers have become more sophisticated, stealing billions from Americans each year, with AI making fraud even easier. A particularly troubling form of this fraud—elder real estate scams—has been quietly rising as home prices increase.

As our population ages, older Americans, who are often less likely to report fraud and more financially stable, are becoming prime targets. Elder real estate fraud can involve forging signatures, coercing seniors into signing legal documents, or even abusing a Power of Attorney. Often, these crimes are committed by someone the victim trusts, making the betrayal even worse.

The consequences are devastating. The FBI reports that nearly 1,500 Americans aged 60 and older lost a combined $65 million to real estate scams last year alone. This is part of a larger trend where scams targeting older adults have surged, with over $1.6 billion lost to various frauds in 2023.

To combat this, the government and private sector need to take action. States could implement laws to ban deceptive real estate agreements and adopt the Uniform Power of Attorney Act to protect seniors from financial exploitation. Public education about deed theft and enhanced enforcement of existing laws are also critical steps.

The real estate industry, along with organizations like AARP, must continue to share resources and educate both consumers and professionals about these scams. By working together, we can help protect the financial security of older Americans and put an end to these abusive practices.