Preventing Deep Fake Scams Act

This bill aims to protect people’s bank and credit union accounts from scams that use artificial intelligence, like fake voices and videos (“deep fakes”). It says AI can help with convenience and security, but also brings new risks for customer safety and privacy. Social media clips make it easier for criminals to copy someone’s voice or face and try to break into accounts, commit fraud, or steal identities .

It creates a national task force made up of top financial regulators to study these issues and recommend fixes. Within one year, the task force must report to Congress on how banks and credit unions are protecting customers today, define common AI terms, explain key risks, share best practices, and suggest laws or rules to better protect consumers. The task force must ask the public for input within 90 days and consult a wide range of banks, credit unions, tech vendors, and AI experts. It ends 90 days after delivering its final report .

• Who is affected: banking and credit union customers; banks, credit unions, and their tech providers
• What changes: a task force studies AI risks like deep fakes, gathers public feedback, and delivers best practices and policy recommendations to protect consumers from fraud and identity theft
• When: public feedback starts within 90 days of enactment; the report is due within one year; the task force dissolves 90 days after the final report