Treasury would bring agencies and businesses together against payment scams

Treasury would assemble and lead a group to study electronic payment scams. Its work would cover scams involving electronic transfers of money between individuals through a platform or intermediary. The group would include federal agencies, financial and technology businesses, consumer advocates, and representatives of victims or other affected groups. Treasury would have to assemble the group within 90 days after the bill becomes law.

The group would publish its findings and recommendations and send them to Congress. The reviews would cover scam tactics, consumer education, and efforts to identify scammers and pursue them through law enforcement. The report would include recommendations for laws or regulations and better cooperation among authorities. The first report would be due within one year after Treasury forms the group, with public updates each year afterward.