Preventing Deep Fake Scams Act

S 2117, the Preventing Deep Fake Scams Act, establishes a federal Task Force to study deep fake threats in financial services. The Task Force, made up of key financial regulators (Treasury, Federal Reserve, FDIC, CFPB, and others), will report to Congress within one year on how banks and credit unions protect consumers from AI-driven fraud, define AI terms, identify risks, and recommend best practices and regulations. It does not create new laws but requires a detailed study of deep fake scams targeting voice banking and consumer data. The bill directly affects financial institutions, consumers, and regulators by mandating a formal review of AI security risks and solutions.