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 current trends and developments in payment scams, identify effective methods for preventing such scams, and issue recommendations to enhance efforts to identify and prevent such activities. The Task Force will include representatives from various federal agencies and industry experts. It will submit an initial report within one year of its establishment 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 examine current trends and developments in payment scams, identify effective methods for preventing such scams, and issue recommendations to enhance efforts to identify and prevent such activities. The Task Force will include representatives from various federal agencies and industry experts. It will submit an initial report within one year of its establishment and annual updates thereafter. The Task Force will terminate three years after submitting its initial report.