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, chaired by the Secretary of the Treasury, includes representatives from various federal agencies and financial institutions. Its duties include examining current trends in payment scams, identifying effective prevention methods, and issuing recommendations. The task force will also develop a strategy for consumer education programs, coordinate law enforcement efforts, and consult with relevant stakeholders.
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