Treasury task force would study electronic payment scams

What does this do?

This bill directs the Secretary of the Treasury to create a task force within 90 days to study electronic payment scams and how to stop them. The group would work for up to three years, then publish a report for Congress with findings and recommendations for new laws or regulations, followed by yearly updates.

Who does it affect?

The task force would include representatives from federal agencies such as the FTC, FBI, and bank regulators, as well as banks, credit unions, digital payment companies, consumer groups, tech industry associations, and scam victims.

Why does it matter?

Without this task force, no coordinated federal effort would exist to study scam tactics like fake calls, texts, and fraudulent websites, or to learn from what other countries have done. The required report creates a public record that Congress can use when deciding whether new laws are needed.

Where does it stand?