Washington, D.C. – This week, the House Financial Services Committee voted 49-0 to advance Rep. Jim Himes’ Task Force for Recognizing and Averting Payment Scams (TRAPS) Act. The bill, which would create an interagency federal task force of experts from across government and the private sector dedicated to combatting financial scams, now awaits consideration before the full House of Representatives.
“Scammers have always been a contemptible part of our financial reality, but AI-powered voice cloning and deepfakes have turbo-charged the tools they have at their disposal to swindle Americans – especially seniors – out of their hard-earned money,” said Rep. Himes. “I’m ecstatic that the TRAPS Act passed out of committee with overwhelming bipartisan support as now, more than ever, we need to bring to bear a whole-of-government approach that combats financial schemes, protects our citizens, and supports victims of fraud. There’s no time to waste: let’s put this bill to a full vote.”
The task force created by the TRAPS Act, co-led by Rep. Zach Nunn (IA-03), would examine emerging fraud trends, including increasingly sophisticated romance and investment scams, identify effective prevention strategies, improve coordination across the public and private sectors, and recommend legislative and regulatory solutions to better protect consumers. The bill’s passage out of committee comes at a critical moment: the Federal Trade Commission reports that consumers lost approximately $16 billion to fraud in 2025, a 25% increase from 2024.
Beyond receiving unanimous support in committee, the TRAPS Act also earned praise from the private sector.
“Representatives Jim Himes and Zach Nunn deserve credit for recognizing a simple truth: criminals share information, exploit gaps and constantly evolve and those working to stop them must be equally coordinated,” said Early Warning CEO Cameron Fowler. “The TRAPS Act will help turn the collective expertise of regulators, law enforcement and industry into action. We have seen the impact of coordination: over the past four years, Early Warning has helped financial institutions stop approximately $16.4 billion in potential fraud. Extending that collaboration across the broader ecosystem will help identify emerging threats sooner and better protect American consumers and small businesses.”
“Defeating today’s sophisticated payment fraud and scams requires a cross-sector strategy,” said Chris Sparks, Head of Card Fraud, Capital One. “By authorizing a dedicated task force, the TRAPS Act creates the public-private framework necessary to disrupt financial criminals and safeguard everyday consumers. Capital One commends Representatives Nunn and Himes for advancing their bipartisan bill through committee markup, and we look forward to supporting its passage on the House floor.”