NW Kansas News

U.S. Senator Jerry Moran of Kansas has joined forces with Senators Mike Crapo, Mark Warner, and Raphael Warnock to introduce the Task Force for Recognizing and Averting Payment Scams (TRAPS) Act. This bipartisan legislation aims to establish a task force dedicated to addressing the rising problem of payment scams.

The Federal Trade Commission reported that fraud losses have increased by 25 percent over the past year, reaching $12.5 billion nationwide. In response, Senator Moran emphasized the importance of coordinated efforts among federal regulators and law enforcement agencies to combat this issue effectively. "Combatting the global rise in fraud starts with making certain federal regulators and law enforcement agencies are coordinating effectively to address these threats," he stated.

Senator Warner highlighted the need for equipping authorities with tools to prevent scams before they occur. "Criminals continue to target vulnerable Americans through creative ways to trick them out of their hard-earned money," he said.

Senator Warnock pointed out the sophistication of financial scams and stressed the necessity for a unified defense strategy. "The evolving sophistication of financial scams emphasizes the urgent need for unified and proactive defense," he remarked.

Senator Crapo focused on protecting seniors from financial schemes, noting, "Scams and financial schemes continue to debilitate Americans’ pocketbooks and funds, especially our seniors who work hard their entire lives to build savings."

Payment scams typically involve scammers deceiving victims into sending money under false pretenses such as romance or investments. The TRAPS Act proposes bringing together industry representatives, law enforcement, financial regulators, and telecommunication regulators to establish best practices for identifying and preventing such scams.

Key elements of the TRAPS Act include creating a task force chaired by the U.S. Department of the Treasury, which will include various regulatory bodies such as the Consumer Financial Protection Bureau and Federal Communications Commission. The task force is tasked with examining payment landscapes and compiling reports recommending legislative changes.

The TRAPS Act has garnered support from several organizations including AARP, Early Warning Services, Electronic Transactions Association, GoWest Credit Union Association, American Bankers Association, Consumer Bankers Association, National Bankers Association, Defense Credit Union Council, and America’s Credit Unions.