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U.S. Secret Service Creates Cyber Fraud Task Force

Secret serviceIn recognition of the growing convergence of cyber and traditional financial crimes, the U.S. Secret Service has merged two electronic and financial crimes unites into a single unified network.

The newly formed Cyber Fraud Task Force (CFTF) will focus on will focus on investigating cyber-enabled financial crimes, such as business email compromise schemes and ransomware attacks. The mission of the CFTF is to prevent, detect, and mitigate complex cyber-enabled financial crimes, with the goal of arresting and convicting the most harmful perpetrators.

“The creation of the new Cyber Fraud Task Force (CFTF), will offer a specialized cadre of agents and analysts, trained in the latest analytical techniques and equipped with the most cutting-edge technologies,” said Michael D’Ambrosio, assistant director of the U.S. Secret Service Together with our partners, the CFTFs stand ready to combat the full range of cyber-enabled financial crimes. As the Nation continues to grapple with the wave of cybercrime associated with the COVID-19 pandemic, the CFTFs will lead the effort to hold accountable all those who seek to exploit this perilous moment for their own illicit gain.”

Since March, the Secret Service has focused its investigative efforts on disrupting and deterring criminal activity that could hinder an effective response to the pandemic and to recover stolen funds from Americans. The CFTF model has allowed for better data sharing, institutional alliance, and investigative skill development. Through these efforts, the Secret Service has successfully disrupted hundreds of online COVID-19 related scams, investigated a number of cyber fraud cases, halted the illicit sales of online stolen COVID-19 test kits, prevented tens of millions of dollars in fraud from occurring, and is leading a nation-wide effort to investigate and counter a vast transnational unemployment fraud scheme targeting the U.S. state unemployment programs.

Through the creation of the CFTF, the Secret Service aims to improve the coordination, sharing of expertise and resources, and dissemination of best practices for all its core investigations of financially motivated cybercrime.


Source: ALTA Blog