S.Amdt. 3257

This amendment aims to add a new section to the bill to create the Task Force for Recognizing and Averting Payment Scams. The purpose of this task force is to study trends in payment scams, financial fraud, and "pig butchering" to find effective ways to stop them and provide recommendations for prevention.

Key additions include:

• Establishment and Membership: The Secretary of the Treasury must create the task force within 90 days of the Act. It will be made up of representatives from various government agencies (such as the DOJ, FTC, and Federal Reserve), as well as experts from financial institutions, credit unions, digital payment networks, community banks, consumer groups, technology platforms, and scam victims.

• Responsibilities: The task force is charged with:

  • Evaluating best practices to fight spoofed calls, scam texts, and malicious websites.
  • Reviewing how other countries prevent payment scams.
  • Creating a strategy for consumer education.
  • Coordinating with law enforcement to identify and pursue scammers.
  • Identifying solutions for business email compromise.
  • Determining if new Federal laws are needed.

• Reporting and Timeline: The group must meet at least 3 times in the first year. They are required to submit an initial report to the House and Senate committees and make it public online within one year of the task force's establishment, followed by annual updates. The task force will terminate 3 years after the first report is submitted.