The TRAPS Act creates a new government task force focused on fighting payment scams—those fraudulent schemes where scammers trick people into sending money through digital payment systems like apps, wire transfers, or online platforms. The task force will be led by the Treasury Secretary and will bring together representatives from major financial regulators, law enforcement agencies, banks, credit unions, technology companies, consumer groups, and people who have been victims of scams.

The task force's main job is to study how payment scams work, figure out what methods actually prevent them, and come up with recommendations to stop scammers. They'll look at common tactics like fake phone calls, text message scams, and malicious websites. They'll also study how other countries are fighting these scams and identify gaps in current laws that might need fixing. Within a year, the task force must submit a detailed report to Congress and the public with their findings and recommendations for new laws or regulations.

The task force will meet at least three times in the first year and then continue meeting as needed. After one year, they'll publish annual updates on their progress. The group will eventually dissolve three years after submitting their initial report. This is essentially the government's way of coordinating a comprehensive, multi-agency effort to understand and combat the growing problem of payment scams that affect everyday Americans.