The Preventing Deep Fake Scams Act establishes a federal Task Force on Artificial Intelligence in the Financial Services Sector to assess threats posed by AI-enabled fraud, particularly deepfakes that use voice and video manipulation to compromise customer accounts. The task force will be led by the Treasury Secretary and include representatives from major financial regulators including the Federal Reserve, FDIC, and Consumer Financial Protection Bureau, and must deliver a comprehensive report to Congress within one year of the bill's enactment. The report will define how AI is currently used in banking, identify risks from bad actors using deepfakes and voice cloning, recommend best practices for financial institutions to protect customers, and propose new laws or regulations to combat AI-enabled fraud and identity theft. The task force will consult with banks, credit unions, technology vendors, and AI experts during its work and will dissolve 90 days after submitting its final report. No specific funding amount is mentioned in the legislation.
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