Mounting artificial intelligence-based financial deepfake schemes have prompted Sens. John Husted, R-Ohio, and Raphael Warnock, D-Ga., to introduce the Preventing Deep Fake Scams Act that would mandate the establishment of a new task force that would examine AI-powered cyber fraud and identity theft, reports CyberScoop.
Aside from evaluating how AI could be harnessed by financial organizations to combat fraud, the task force which should be led by the Treasury secretary and consist of various officials from the Consumer Financial Protection Bureau, the Federal Reserve, the Financial Crimes Enforcement Network, the Federal Deposit Insurance Corp., the National Credit Union Administration, and the Office of the Comptroller of the Currency should also identify risks associated with the technology, according to the bill. Such measures, along with fraud prevention best practices for consumers, should be detailed in a report to Congress. The development comes a month after the unveiling of a bipartisan Senate bill that urged the Commerce Department to bolster deepfake awareness among Americans.
Aside from evaluating how AI could be harnessed by financial organizations to combat fraud, the task force which should be led by the Treasury secretary and consist of various officials from the Consumer Financial Protection Bureau, the Federal Reserve, the Financial Crimes Enforcement Network, the Federal Deposit Insurance Corp., the National Credit Union Administration, and the Office of the Comptroller of the Currency should also identify risks associated with the technology, according to the bill. Such measures, along with fraud prevention best practices for consumers, should be detailed in a report to Congress. The development comes a month after the unveiling of a bipartisan Senate bill that urged the Commerce Department to bolster deepfake awareness among Americans.
