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 examine trends in payment scams, identify prevention methods, and issue recommendations. The Task Force will evaluate best practices, assess international efforts, and consult with stakeholders. It will also determine strategies for consumer education, coordinate law enforcement efforts, and recommend legislative or regulatory changes. The Task Force will submit an initial report within a year and annual updates thereafter.

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 examine trends in payment scams, identify prevention methods, and issue recommendations. The Task Force will evaluate best practices, assess international efforts, and consult with stakeholders. It will also determine strategies for consumer education, coordinate law enforcement efforts, and recommend legislative or regulatory changes. The Task Force will submit an initial report within a year and annual updates thereafter.