Home Fraud US Secret Service Frames Task Force To Handle Crypto-Aided Financial Frauds

US Secret Service Frames Task Force To Handle Crypto-Aided Financial Frauds

The US Secret Service has now set up a Cyber Fraud Task Force (CFTF) on the 10th of July after they have combined their Electronic Crimes Task Forces and as well as the Financial Crimes Task Forces into a “one point network”.

As stated in the press release, the Secret Service has been actively working out the details for the last two years in the bid to establish a combined task force for fighting the cybercrime offences. The combined task force has been linked to the financial industry, and it resolves issues like the enterprise email compromise frauds, credit card data theft, malware attacks and much more amongst the others.

It seems that the CFTF has been set up for addressing the issues regarding the increasing level of illicit transactions of the stolen credit card information and as well as the banking details of the organizations through the dark web. The Secret Service has also expressed worries about the role played by the cryptocurrencies behind the unlawful trades. This is because they have turned out to be one of the critical means by which the cybercriminals launder their illegal profits.

In regard to the rolling out of CFTF, the security expert at PerimeterX, Ameet Naik has opined that the financial crimes and as well as the cybercrimes are two sides of the same coin. Magecart attacks and digital skimming fuels the dark web marketplaces and surfaces in the real world as payment fraud. This affects businesses and destroys confidence in the financial system. The combined FBI Cyber Fraud Task Force will now enable better data sharing and focus on the roots of the problem to eradicate it.

The primary aim of the newly established CFTF is enhancing the coordination and advocacy of finest conducts for all its rigid scrutiny of financially aided cybercrimes. The Secret Service stated that the country stares at a “flourishing threat” of cross-border cybercrime, especially in opposition to the financial framework of the US.

Image: Bleeping Computer

An executive at KnowBe4, Erich Kron, who is involved in raising awareness about cybersecurity at KnowBe4, said that this consolidation is a piece of good news, as so many of the financial crimes these days have a cyber-element and cybercrime have a traditional element, like the use of money mules in the bid to withdraw and muddy the money trail. With the help of consolidation, there is far less bureaucracy and red tape to deal with at the time crimes crosses both sides of the spectrum. Given the sheer amount of money that the organizations within the US are haemorrhaging every year due to financial along with the cybercrime, it is nice to see that the government is taking this seriously and making every possible move to address the issue in no time.

A study that has been conducted by Digital Shadows a few weeks before disclosed that over 15 billion valuable documents are being circulated in the dark web, mirroring a 300% hike since 2018. Accessible data varies from network access records, bank login information and even the data of streaming services such as Netflix.

It needs to be noted that the quantum of successful malware attacks recorded a nose dip between January and April 2020 in the US public sector against the backdrop of Covid-19 or Coronavirus pandemic outbreak. However, academics, in recent weeks, have taken note of a reversal in the ongoing trend, with hacking incidents once again beginning to spring.

Source: Cointrust

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