TRAPS Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The TRAPS Act establishes a Task Force for Recognizing and Averting Payment Scams. This Task Force, comprised of representatives from various government agencies and the financial industry, will examine current payment scam trends, identify prevention methods, and develop recommendations to combat these scams. The Task Force will also coordinate efforts with law enforcement and other stakeholders to investigate and prosecute scammers and educate consumers.
Key provisions
- Establishes a Task Force on Payment Scams within the Treasury Department.
- Requires the Task Force to meet at least three times per year.
- Mandates the Task Force to evaluate best practices for combating payment scams.
- Directs the Task Force to develop an education strategy for consumers.
- Calls for the Task Force to coordinate with law enforcement to pursue scammers.
- Requires the Task Force to assess international efforts to prevent payment scams.
- Instructs the Task Force to determine if additional federal legislation is needed.
- Requires the Task Force to identify potential solutions to payment scams involving business email compromise.
Who is affected
- Consumers
- Financial Services Industry
- Technology Companies
- Federal Government Agencies
- Law Enforcement
Notable changes
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