Preventing Deep Fake Scams Act

HR 5808, the Preventing Deep Fake Scams Act, establishes a federal Task Force to address AI-driven financial fraud risks. The Task Force, composed of key financial regulators (Treasury, Federal Reserve, CFPB, FDIC, and others), must issue a report within one year detailing current protections, standard AI definitions, deep fake risks, best practices for institutions, and regulatory recommendations. This bill directly affects banks, credit unions, and financial service providers by requiring them to report on AI security measures and collaborate with the Task Force. The report aims to help financial institutions protect consumers from identity theft and fraud using deep fake technology, without creating new regulations itself.