The Preventing Deep Fake Scams Act establishes a temporary Task Force on Artificial Intelligence in the Financial Services Sector to examine the evolving role of AI within the financial industry. Chaired by the Secretary of the Treasury, this Task Force will include representatives from major financial regulatory bodies to ensure comprehensive oversight. Within one year, the Task Force must submit a detailed report to Congress, incorporating public feedback and consultations with industry stakeholders and AI experts. This report will describe how banks and credit unions protect against AI-driven fraud and provide standard definitions for various AI terms, including generative AI and deep fakes . Crucially, the report will identify potential risks from bad actors using AI for data theft, identity theft, and fraud, and outline best practices for financial institutions to mitigate these dangers. It will also propose legislative and regulatory recommendations to enhance consumer protection against these sophisticated threats, after which the Task Force will terminate.