Preventing Deep Fake Scams Act

HR 1734 establishes a task force of financial regulators (including Treasury, Fed, and Consumer Financial Protection Bureau officials) to study deep fake threats to banking security. The task force must issue a report within one year detailing current protections used by banks and credit unions, standard definitions for AI terms like "deep fakes," risks of identity theft via AI fraud, and best practices for prevention. The report will also include regulatory recommendations to protect consumers from data theft and fraud. This procedural bill requires a study but does not enact new laws or directly affect consumers or institutions until recommendations are considered.