The TRAPS Act establishes a federal Task Force for Recognizing and Averting Payment Scams to combat growing fraud affecting consumers. The Task Force, to be created within 90 days and chaired by the Secretary of the Treasury, brings together representatives from major federal agencies—including the Consumer Financial Protection Bureau, Federal Trade Commission, Department of Justice, banking regulators, and private sector experts from financial institutions, credit unions, digital payment networks, and consumer advocacy groups. The Task Force will examine payment scam trends across industries, evaluate prevention methods used internationally and domestically, develop consumer education strategies, and identify gaps in law enforcement coordination. It must submit a comprehensive report to Congress within one year detailing findings and recommendations for new legislation or regulations, with annual updates following that. The Task Force will operate for three years before automatically ending, and members will meet at least three times during the first year.
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