The AI Fraud Accountability Act aims to protect individuals and organizations from digital impersonation fraud, which involves using artificial intelligence to create deceptive audio or visual representations for financial gain. The Act prohibits the use of digital impersonations to commit fraud and defines what constitutes an offense, making it illegal to falsely represent oneself as another person with the intent to defraud. Violators face penalties, including fines and imprisonment for up to three years, and any property gained through such fraudulent activities may be forfeited.