This bill, called the Preventing Deep Fake Scams Act, would create a federal task force to study how artificial intelligence is used in banking and how to stop AI-driven fraud like voice and video “deepfakes.” It would gather input from the public, banks, credit unions, tech vendors, and AI experts, then deliver a report to Congress with clear definitions, risks, best practices, and ideas for new laws or rules. The task force includes leaders from Treasury and major financial regulators and ends 90 days after it issues its final report.

Key points

• Who is affected: Bank and credit union customers, financial institutions, and companies that provide AI tools to them.
• What changes: A task force studies AI in finance, defines common terms (like generative AI, machine learning, natural language processing, algorithmic AI, and deepfakes), outlines fraud risks, and shares best practices to protect people’s accounts, plus recommendations for future laws and rules.
• When: The task force asks for public feedback within 90 days of enactment, delivers its report within 1 year, and then shuts down 90 days after the final report.