TRAPS Act

The TRAPS Act would establish a Task Force for Recognizing and Averting Payment Scams within the Department of the Treasury to examine payment scam trends, develop prevention strategies, and issue recommendations to combat fraud involving electronic fund transfers. The Task Force would include representatives from federal agencies, financial institutions, consumer groups, technology platforms, and victim support networks, and would meet at least three times in its first year. It would be required to submit an initial report within one year of establishment and annual updates thereafter, with the Task Force terminating three years after the initial report is submitted.

No official summary is available here. This one was written by AI from the bill’s text.