Establishes a Task Force for Recognizing and Averting Payment Scams to combat payment scams.
The Taskforce for Recognizing and Averting Payment Scams Act, also known as the TRAPS Act, establishes a task force to combat payment scams. The task force will be chaired by the Secretary of the Treasury or a designee and will include representatives from various federal agencies and industry experts. The task force will evaluate current trends in payment scams, assess international prevention methods, and develop strategies for consumer education and law enforcement coordination.
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