Since the Financial crimes and cybercrimes are two sides of the same coin, the U.S. Secret Service decided to merge two Task forces into one:
Electronic Crimes Task Forces (ECTF) + Financial Crimes Task Forces (FCTF)
It took over two years to create a unified task force that could combat cybercrimes related to the financial sector. The ECTF and FCTF will help investigative the range of cyber-enabled financial crimes, from business email compromise (BEC) scams to ransomware attacks. In the last months, the illegal market of a credit card stolen data through the dark web and banking details from companies keeps rising.
The only mission of the CFTF is to prevent, detect, and mitigate complex cyber-enabled financial crimes, including crimes related to cryptocurrency. The Secret Service finally admitted the role of cryptocurrencies behind the online - illegal transactions. This way, cryptocrimes became one of the primary means by which criminals launder their illicit profits.
Since March, the deterring criminal activity increased at an alarming level as a direct consequence of the pandemic. To recover stolen funds from Americans was an effort that took many different specialists to fight it.
The CFTF model allows better data sharing, institutional alliance, and investigative skill development.
Michael D’Ambrosio Assistant Director, U.S. Secret Service, says that the Cyber Fraud Task Force CFTF), is a group of agents and analysts, trained in the latest analytical techniques and equipped with the most cutting-edge technologies. The CFTFs are skilled now to combat the full range of cyber-enabled financial crimes. The wave of cybercrime associated with the COVID-19 pandemic, the CFTFs, will hold accountable all those who seek to exploit this moment for their illicit gain.
Hundreds of online COVID-19 related scams, cyber fraud cases, illicit sales of online stolen COVID-19 test kits, tens of millions of dollars in fraud are still out there will be investigated.
Right now, there are 42 domestic CFTF locations with two international locations, London and Rome. Secret Service plans to extend the CFTF network up to 160 offices across the country and around the globe.
Be aware of the crypto scams! Keep your crypto assets safe!