Establishes a Task Force for Recognizing and Averting Payment Scams to combat payment scams.

The TRAPS Act establishes a Task Force for Recognizing and Averting Payment Scams to combat payment scams. The Task Force will evaluate best practices, assess international prevention strategies, and identify current scam methods. It will also develop a strategy for consumer education programs, coordinate law enforcement efforts, and consult with stakeholders. The Task Force will submit an initial report within a year and annual updates thereafter. The Task Force will terminate three years after submitting its initial report.

Establishes a Task Force for Recognizing and Averting Payment Scams to combat payment scams.

The TRAPS Act establishes a Task Force for Recognizing and Averting Payment Scams to combat payment scams. The Task Force will evaluate best practices, assess international prevention strategies, and identify current scam methods. It will also develop a strategy for consumer education programs, coordinate law enforcement efforts, and consult with stakeholders. The Task Force will submit an initial report within a year and annual updates thereafter. The Task Force will terminate three years after submitting its initial report.