,,ii #aaith ,,congress #ast ,session ,s4 #bjai ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,june #aj1 #bjbe,mr4 ,crapo 7for himself1 ,mr4 ,warner1 ,mr4 ,moran1 and ,mr4 ,warnock7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to establish a ,task ,force for ,recognizing and ,averting ,payment ,scams1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,taskforce for ,recognizing and ,averting ,payment ,scams ,act or the ,,traps ,act4 #b4 ,definitions ,in this ,act3 7#a7 ,payment ,the term payment means any mechanism through which an individual can electronically transfer funds to another individual via a platform or intermediary4 7#b7 ,secretary ,the term ,secretary means the ,secretary of the ,treasury4 7#c7 ,task ,force ,the term ,task ,force means the ,task ,force on ,payment ,scams established under section #c7;a74 #c4 ,task ,force on ,payment ,scams 7a7 ,establishment ,not later than #ij days after the date of enactment of this ,act1 the ,secretary shall establish a task force1 to be known as the ,task ,force for ,recognizing and ,averting ,payment ,scams4 7b7 ,membership 7#a7 ,composition ,the ,task ,force shall be chaired by the ,secretary or a designee thereof1 and shall consist of representatives from the following3 7,a7 ,the ,bureau of ,consumer ,financial ,protection4 7,b7 ,the ,federal ,communications ,commission4 7,c7 ,the ,federal ,trade ,commission4 7,d7 ,the ,department of ,justice4 7,e7 ,the ,office of the ,comptroller of the ,currency4 7,f7 ,the ,board of ,governors of the ,federal ,reserve ,system4 7,g7 ,the ,national ,credit ,union ,administration4 7,h7 ,the ,federal ,deposit ,insurance ,corporation4 7,i7 ,the ,financial ,crimes ,enforcement ,network4 7,j7 ,a representative1 appointed by the ,secretary in consultation with the ,task ,force1 from a financial institution with expertise in identifying1 preventing1 and combating payment scams4 7,k7 ,a representative1 appointed by the ,secretary in consultation with the ,task ,force1 from a credit union with expertise in identifying1 preventing1 and combating payment scams4 7,l7 ,a representative1 appointed by the ,secretary in consultation with the ,task ,force1 from a digital payment network with expertise in identifying1 preventing1 and combating payment scams4 7,m7 ,a representative1 appointed by the ,secretary in consultation with the ,task ,force1 from a community bank4 7,n7 ,a representative1 appointed by the ,secretary in consultation with the ,task ,force1 from a consumer group4 7,o7 ,a representative1 appointed by the ,secretary in consultation with the ,task ,force1 from an industry association representing technology or online platforms4 7,p7 ,not more than #e representatives appointed by the ,secretary to represent victims1 scam support networks1 and other relevant stakeholders in order to better assist consumers and stakeholders4 7#b7 ,term of appointment ,the term of a member of the ,task ,force shall continue until the termination of the ,task ,force4 7#c7 ,vacancy ,any vacancy occurring in the membership of the ,task ,force shall be filled in the same manner in which the original appointment was made4 7c7 ,purpose ,the ,task ,force shall-- 7#a7 examine current trends and developments in payment scams1 identify effective methods for preventing such scams1 and issue recommendations to enhance efforts to identify and prevent such activities2 7#b7 adopt a cross-sector approach to ensure its recommendations reflect the full scope of the issue1 given that scams impact individuals across a wide range of industries1 including financial services1 telecommunications1 and technology2 and 7#c7 include representation from stakeholders with direct experience supporting victims of scams1 as well as industry participants with insight into scam tactics and prevention strategies4 7d7 ,meetings ,the ,task ,force shall meet not less than #c times during the #a-year period beginning on the date of enactment of this ,act1 and thereafter at such times and places1 and by such means1 as the ,chair of the ,task ,force determines to be appropriate1 which may include the use of remote conference technology4 7e7 ,duties ,the duties of the ,task ,force shall include-- 7#a7 evaluating best practices for combating methods used by scammers1 including spoofed calls1 scam text messages1 and malicious advertisements1 pop-ups1 and websites2 7#b7 assessing how international jurisdictions have tried to prevent payment scams2 7#c7 identifying and reviewing current methods used to scam a consumer through payment platforms2 7#d7 determining a strategy for education programs that better equip consumers to identify1 avoid1 and report payment scam attempts to the appropriate authorities2 7#e7 coordinating efforts to ensure perpetrators of payment scams can be identified and pursued by law enforcement2 7#f7 consulting with other relevant stakeholders1 including ,state1 local1 and ,tribal agencies and financial services providers2 7#g7 determining whether any additional ,federal legislation would be beneficial for law enforcement and industry in mitigating payment scams2 and 7#h7 identifying potential solutions to payment scams involving business email compromise4 7f7 ,compensation ,each member of the ,task ,force who is a civilian or employee of the ,united ,states shall serve without compensation1 other than compensation to which entitled as an employee of the ,united ,states1 as the case may be4 7g7 ,report 7#a7 ,in general ,not later than #a year after the date on which the ,secretary establishes the ,task ,force1 the ,task ,force shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives and make publicly available online a report detailing-- 7,a7 the results of the reviews and evaluations of the ,task ,force under subsection 7e72 7,b7 the strategy identified under subsection 7e72 7,c7 any legislative or regulatory recommendations that would enhance the ability to detect and prevent payment scams described in subsection 7e72 and 7,d7 recommendations to enhance cooperation among ,federal1 ,state1 local1 and ,tribal authorities in the investigation and prosecution of scams and other financial crimes1 including harmonizing data collection1 improving reporting mechanisms and streams1 estimating the number of complaints and consumers affected1 and evaluating the effectiveness of anti-scam training programs4 7#b7 ,annual updates ,after submitting an initial report required under paragraph 7#a71 the ,task ,force shall1 on an annual basis1 submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives and make publicly available online an updated version of the report4 7h7 ,applicable law ,chapter #d of title #e1 ,united ,states ,code1 shall not apply to the ,task ,force4 7i7 ,sunset ,the ,task ,force shall terminate on the date that is #c years after the date on which the ,task ,force submits the report required under subsection 7h77#a74