Senator Moran Joins Bipartisan Effort to Combat Payment Scams

Photo courtesy Canva

U.S. Senator Jerry Moran has joined Senators Mike Crapo, Mark Warner, and Raphael Warnock in introducing the bipartisan Task Force for Recognizing and Averting Payment Scams (TRAPS) Act. This legislation aims to address the rising threat of payment scams, which cost Americans $12.5 billion last year, according to the Federal Trade Commission.

Payment scams often involve fraudsters tricking victims into voluntarily sending money, typically through fake investment or romance schemes. The TRAPS Act would establish a federal task force led by the U.S. Department of the Treasury and include key agencies like the FTC, DOJ, FCC, CFPB, and industry stakeholders.

The task force would study the payments landscape and issue annual reports for three years with recommendations for legislative, regulatory, and enforcement improvements.

The TRAPS Act has gained broad support from organizations including AARP, the American Bankers Association, and the Defense Credit Union Council.

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