In response to the rising threat of artificial intelligence being used for financial fraud, U.S. lawmakers have introduced a new bipartisan Senate bill aimed at curbing deepfake-related scams.
The bill, called the Preventing Deep Fake Scams Act, has been brought forward by Senators from both political parties. If passed, it would lead to the formation of a new task force headed by the U.S. Department of the Treasury. This group would bring together leaders from major financial oversight bodies to study how AI is being misused in scams, identity theft, and data-related crimes and what can be done about it.
The proposed task force would include representatives from agencies such as the Federal Reserve, the Consumer Financial Protection Bureau, and the Federal Deposit Insurance Corporation, among others. Their goal will be to closely examine the growing use of AI in fraudulent activities and provide the U.S. Congress with a detailed report within a year.
This report is expected to outline:
• How financial institutions can better use AI to stop fraud before it happens,
• Ways to protect consumers from being misled by deepfake content, and
• Policy and regulatory recommendations for addressing this evolving threat.
One of the key concerns the bill addresses is the use of AI to create fake voices and videos that mimic real people. These deepfakes are often used to deceive victims—such as by pretending to be a friend or family member in distress—into sending money or sharing sensitive information.
According to official data from the Federal Trade Commission, over $12.5 billion was stolen through fraud in the past year—a 25% increase from the previous year. Many of these scams now involve AI-generated messages and voices designed to appear highly convincing.
While this particular legislation focuses on financial scams, it adds to a broader legislative effort to regulate the misuse of deepfake technology. Earlier this year, the U.S. House passed a bill targeting nonconsensual deepfake pornography. Meanwhile, law enforcement agencies have warned that fake messages impersonating high-ranking officials are being used in various schemes targeting both current and former government personnel.
Another Senate bill, introduced recently, seeks to launch a national awareness program led by the Commerce Department. This initiative aims to educate the public on how to recognize AI-generated deception and avoid becoming victims of such scams.
As digital fraud evolves, lawmakers are urging financial institutions, regulators, and the public to work together in identifying threats and developing solutions that can keep pace with rapidly advancing technologies.
