The TRAPS Act establishes a federal Task Force for Recognizing and Averting Payment Scams within the Treasury Department to combat the growing problem of payment fraud affecting American consumers. The task force will bring together representatives from major financial regulators, law enforcement agencies, and industry experts—including banks, credit unions, digital payment networks, and consumer advocates—to identify scam trends, evaluate prevention methods, and develop strategies to educate consumers. Within one year of creation, the task force must submit a comprehensive report to Congress with findings on scam tactics, best practices from other countries, consumer education strategies, and recommendations for new laws or regulations to combat fraud. The task force will continue meeting at least three times per year for three years and provide annual updates to Congress and the public. This legislation does not include specific funding amounts but requires the task force to be established within 90 days of enactment.
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