TRAPS Act

New Task Force on Payment Scams

If enacted, the Treasury Secretary would create a Task Force on payment scams within 90 days. The group would be chaired by the Secretary and include federal agencies, banks, credit unions, payment networks, tech platforms, consumer groups, community banks, and up to five victim representatives. The Task Force would meet at least three times in its first year and use remote meetings as needed. It would study spoofed calls, scam texts, malicious online content, business email compromise, and international approaches. The group would develop consumer education strategies, coordinate enforcement and industry efforts, and consider legislative or regulatory recommendations. The Task Force would publish an initial public report within one year of establishment, then update it annually. It would be exempt from Chapter 4 of title 5 and end three years after the initial report is submitted.