What does Preamble of Preventing Deep Fake Scams Act do?

This bill establishes the Task Force on Artificial Intelligence in the Financial Services Sector. The Task Force will report to Congress on issues related to artificial intelligence in the financial services sector. The bill has other purposes not explicitly detailed in this section.

What does SHORT TITLE. of Preventing Deep Fake Scams Act do?

This bill is formally titled the Preventing Deep Fake Scams Act.

What does FINDINGS. of Preventing Deep Fake Scams Act do?

This section outlines findings related to the use of artificial intelligence (AI) in the financial services sector. AI is being used innovatively by banks, credit unions, and consumers, potentially providing benefits. The use of AI also presents unique threats to the safety and security of customer accounts. Voice banking, offered for security and convenience, is vulnerable to exploitation. The accessibility of video and audio through social media facilitates the replication of voices and appearances by malicious actors. Deep fakes, including voice and audio manipulation, could be used to compromise consumer financial accounts.

What does TASK FORCE ON ARTIFICIAL INTELLIGENCE IN THE FINANCIAL SERVICES of Preventing Deep Fake Scams Act do?

A Task Force on Artificial Intelligence in the Financial Services Sector is established. The Task Force will be led by the Secretary of the Treasury and include representatives from the Treasury, Federal Reserve, FDIC, Bureau of Consumer Financial Protection, National Credit Union Administration, and Financial Crimes Enforcement Network. The Task Force must submit a report to Congress within one year of the Act's enactment. The report must include a description of how banks and credit unions use AI to prevent fraud. The report must define key AI terms, such as 'generative AI' and 'machine learning'. The report will detail potential risks associated with AI misuse by malicious actors. The Task Force will solicit public feedback on the report within 90 days of enactment. The Task Force will consult with industry and expert stakeholders, including banks, credit unions, third-party vendors, and AI experts. The report will include legislative and regulatory recommendations to protect consumers from data theft, identity theft, and fraud. The Task Force will terminate 90 days after the final report is issued.

Back to bills

Preventing Deep Fake Scams Act

Last updated: 2/27/2025 · Introduced: 2/27/2025

Author: Brittany Pettersen (D-CO)

TL;DR (AI)

This bill establishes a Task Force to study the use of artificial intelligence (AI) in the financial services sector and its potential risks.
The Task Force will produce a report for Congress detailing how banks and credit unions use AI to prevent fraud, defining key AI terms, and recommending legislative and regulatory actions to protect consumers.
The report will incorporate public feedback and consultations with industry and expert stakeholders to address data theft, identity theft, and fraud related to AI misuse.

119th Congressin committeeOfficial page

Verified Votes

No verified votes yet.

Community Votes

No community votes yet. Be the first!

Voting as guest · Sign in for verified votes

Other Sections

Includes provisions on preamble, short title., and 2 more.

4 sections

Click "Show details" to explore individual sections. Use the community vote above or visit All Sections to vote per section.

Read official text

Want the full experience?

Create a free account to cast verified votes on each section, get a personalized summary, and track your voting history.

Create Free Account