Secret Service, the United States’ federal law enforcement agency working under the Homeland Security Department has announced that it has created the Cyber Fraud Task Force also known as CFTF. To make CFTF, the U.S. Secret Service has turned the Financial Crimes Task Force (FCTF) and Electronic Crimes Task Force into one network. The Cyber Fraud Task Force will help the government agency to fight against the rising trends of finance-related cybercrimes.
CFTF – A Unified Task Force
As per the official announcement of the Secret Service, the federal agency had culminated over two years of planning and several pilot programs to build this task force. The government agency started the process of creating this unified task force by merging two of the other task forces ECTF and FCTF.
The announcement post states that criminals use cryptocurrency as a primary means to launder illegal profits. Hackers illegally sell personal information and other stolen credit cards’ data on dark web and internet.
With the help of the Cyber Fraud Task Force, Secret Service aims to fight against finance-related cybercrimes and other illicit activities such as stealing of credit cards, ransomware attacks, and scams related to businesses. In order to investigate cyber-enabled crimes, CFTF will take benefit from the expertise and resources of FCTF and ECTF task forces.
‘Financial crimes and cyber crimes two sides of the coin’
Commenting on the development and launch of the CFTF in a statement, a security expert from PerimeterX Ameet Naik said that both financial and cyber crimes are likely the ‘two sides of the same coin’ and said that this combined task force will help make data sharing better.
Ameet Naik stated:
Financial crimes and cyber crimes are two sides of the same coin. Digital skimming and Magecart attacks fuel dark web marketplaces and surface in the real world as payment fraud. That hurts businesses and erodes confidence in the financial system. The combined FBI Cyber Fraud Task Force will enable better data sharing and strike at the root of the problem.
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