Artificial intelligence (AI) is making it even easier for criminals to steal people’s money, and American’s anxiety is rising. Concern is especially high around financial services, where scammers can use deepfake technology — AI-generated audio and video — to impersonate people and hack into bank accounts.

To help tackle the problem, AARP endorsed the Senate’s bipartisan Preventing Deep Fakes Scams Act and a companion bipartisan bill in the House. The bill would establish a dedicated federal task force to examine the positive and negative impacts of AI on the financial services industry.

The panel would include industry representatives, AI experts, and others. It would be charged with examining how criminals use AI in financial scams and how the industry can leverage the technology to better detect fraud and stay ahead of scammers. The bill would also require the task force to explore the use of AI in the financial sector to detect fraud and to work on interagency solutions.

Learn how to spot and avoid scams with AARP Fraud Watch Network™. Suspect a scam? Call our free helpline at 877-908-3360 and talk to one of our fraud specialists about what to do next.

Need a scam prevention speaker for your group? Send an email to me@aarp.org.