The Taskforce for Recognizing and Averting Payment Scams Act, or the TRAPS Act , mandates the establishment of a Task Force on Payment Scams by the Secretary of the Treasury within 90 days of its enactment. This Task Force is charged with examining current trends and developments in payment scams, identifying effective prevention methods, and issuing comprehensive recommendations to enhance efforts against these activities. Its purpose is to adopt a cross-sector approach, ensuring its recommendations reflect the broad impact of scams across financial services, telecommunications, and technology sectors. The Task Force will be chaired by the Secretary of the Treasury and comprise representatives from numerous federal agencies, including the Bureau of Consumer Financial Protection, Federal Communications Commission, Federal Trade Commission, Department of Justice, and the Federal Reserve System. Additionally, it will include representatives from financial institutions, credit unions, digital payment networks, community banks, consumer groups, technology associations, and individuals representing victims and scam support networks. Key duties involve evaluating best practices for combating scam methods like spoofed calls and malicious websites, assessing international prevention strategies, and developing consumer education programs to help individuals identify, avoid, and report scam attempts. Furthermore, the Task Force is responsible for coordinating efforts to identify and pursue perpetrators of payment scams, consulting with various stakeholders, and determining if additional federal legislation would benefit law enforcement and industry in mitigating these scams, including those involving business email compromise. Within one year of its establishment, the Task Force must submit a detailed report to Congress, outlining its findings, strategies, and legislative or regulatory recommendations, with annual updates thereafter. The Task Force is set to terminate three years after submitting its initial report.