House Republicans Push Wider AI Use to Fight Financial Fraud

Generative AI has raised the stakes in financial fraud, allowing criminal groups to produce polished phishing messages, voice clones and deepfake videos at scale. The same technology can strengthen banks’ defenses through machine learning, behavioral analytics and real-time data screening. Federal Trade Commission figures cited by the House report showed reported U.S. fraud losses reached $15.9 billion in 2025, up 28% from 2024; estimated losses rise to $196 billion when unreported cases are included.

House Financial Services Committee Chairman French Hill and Oversight and Investigations Subcommittee Chairman Dan Meuser released the Republican staff report on July 22, 2026, after a year-long inquiry. It urged federal agencies, law enforcement and private companies to deploy AI against fraud, while calling for congressional scrutiny of the tools’ effectiveness and adoption barriers. The report backed H.R. 8671, the Bank Fraud Technology Advancement Act of 2026, to create a pilot for community financial institutions, and H.R. 2152, the AI PLAN Act, requiring Treasury, Homeland Security and Commerce to assess AI-related financial-crime risks.