Bill > S2019

This bill establishes the Task Force for Recognizing and Averting Payment Scams (TRAPS), which will be created within 90 days by the Secretary of the Treasury and comprised of representatives from various federal agencies, financial institutions, credit unions, digital payment networks, and consumer advocacy groups. The Task Force's primary purpose is to comprehensively examine and combat payment scams by evaluating current scamming methods, assessing international prevention strategies, identifying consumer education needs, and developing recommendations to help law enforcement and industry mitigate these fraudulent activities. The Task Force will meet at least three times within its first year and will produce an initial report within one year of its establishment, detailing its findings, strategies, and legislative or regulatory recommendations for preventing payment scams. The report will be submitted to Senate and House committees and made publicly available online, with annual updates to follow. The Task Force will have a three-year lifespan, focusing on a wide range of scam types including spoofed calls, scam text messages, malicious advertisements, and business email compromise, while ensuring representation from stakeholders directly experienced with scam impacts and prevention.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/2019/all-info