Secret Service Creates New Cyber Security Task Force for Digital Financial Crimes

One of the biggest problems we as cyber security specialists face is the fact that the cybercriminals often grow increasingly sophisticated, leaving breached victims in their wake as we attempt to anticipate their next move.  (Which isn’t always possible!)  Additionally, as time progresses, cybercrimes and traditional crimes are becoming one in the same; it’s pretty difficult to execute a “traditional” financial heist without, in someway, incorporating digital crimes.

Which is why the Secret Service of the United States has created a new (much needed) department: the Cyber Fraud Task Forces (CFTFs).

The goal of the CFTF is to prevent, detect and/or reduce the impact of cyber financial crimes, by way of criminal actions against perpetrators.  There are currently 42 CFTF locations in the US and two international offices, one in London and one in Rome, with aspirations of having over 160 locations around the world.

The new department is actually the union of The Electronic Crimes Task Forces (ECTFs) and the Financial Crimes Task Forces (FCTFs), after they realized a pattern of having to work together on almost every single case.

“In today’s environment, no longer can investigators effectively pursue a financial or cybercrime investigation without understanding both the financial and internet sectors, as well as the technologies and institutions that power each industry,” officials said.

It’s been practically impossible to divorce the two, so the merger is a bit of a no-brainer.  From ransomware attacks to data breaches, it doesn’t appear that the digital financial crimes are slowing down any time soon, and “will offer a specialized cadre of agents and analysts, trained in the latest analytical techniques and equipped with the most cutting-edge technologies,” according to Michael D’Ambrosio, assistant director of the Secret Service.

Not only that, but most of the cybercrimes are financially motivated, so it only makes sense for them to work together.

For example, the Secret Service pointed to the hundreds of Covid cyberscams they have dismantled since March, which has helped to save consumers millions of dollars… Have I mentioned before that hackers have no shame?

This is definitely a step in the right direction.

Is your company ready for the increasingly-sophisticated cyberthreats facing small businesses today?  Give us a call at 919-422-2607, or visit our online scheduler to setup a free consultation with Craig.

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