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
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