Cyber Experts Comment On US Secret Service Creates New Cyber Fraud Task Force

The U.S. Secret Service has announced the creation of the Cyber Fraud Task Force (CFTF) “designed to improve the coordination, sharing of expertise and resources, and dissemination of best practices for all its core investigations of financially-motivated cybercrime. The CFTFs will leverage the combined resources and expertise of both the ECTFs and FCTFs to collaboratively investigative the range of cyber-enabled financial crimes, from business email compromise (BECs) scams to ransomware attacks, from data breaches to the sale of stolen credit cards and personal information on the Internet.”


EXPERTS COMMENTS
Keith McCammon, Co-founder and Chief Security Officer ,  Red Canary
July 16, 2020
An overwhelming majority of threat actors are financially motivated.
This is a meaningful improvement to the U.S. government’s approach to combating cyber crime. An overwhelming majority of threat actors are financially motivated. These criminals manipulate software, end users, and a wide variety of financial services and technologies with increasing sophistication to achieve their objectives. The wide variety of technical and financial systems in play can be ....
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Chris Hauk, Consumer Privacy Champion,  Pixel Privacy
July 13, 2020
The creation of the Cyber Fraud Task Force is an encouraging move on the part of the U.S. Secret Service.
With the continuing need for users to work, shop, and try to enjoy a bit of recreation online, the bad actors of the world will only increase their efforts to steal valuable information from both individuals and corporations. The creation of the Cyber Fraud Task Force is an encouraging move on the part of the U.S. Secret Service. The Task Force will hopefully take some of the cyber crime investiga ....
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Paul Bischoff, Privacy Advocate,  Comparitech
July 13, 2020
There is certainly no shortage of financial cybercrimes for the CFTF to investigate.
If I made a venn diagram of financial crimes and cyber crimes, the shared section in the middle would have grown significantly over the last few years. There is certainly no shortage of financial cybercrimes for the CFTF to investigate, and I think combining the ECTF and FCTF makes sense. The FBI, FTC, and local police departments handle much of the domestic financial cybercrime in the US. I suspe ....
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Colin Bastable, CEO ,  Lucy Security
July 13, 2020
One tends to associate this type of activity with the FBI, which is, of course, part of the Dept.
This move makes sense. We do, however, have a lot of duplication of tasks among the various arms of America’s intelligence community. One tends to associate this type of activity with the FBI, which is, of course, part of the Dept. of Justice. With the US Secret Service being part of Homeland Security, perhaps this is part of a re-alignment of responsibilities. ....
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Casey Kraus, President of Cloud Security Management Provider,  Senserva
July 13, 2020
The COVID-19 pandemic has created an wide variety of opportunities for criminals to take advantage of the situation.
The creation of the Cyber Fraud Task Force is an important entity that should be supported to help prevent and stop malicious attacks against companies and individuals. The COVID-19 pandemic has created an wide variety of opportunities for criminals to take advantage of the situation. Criminals are using increased and modified phishing attempts aimed at stay-at-home workers as well as malicious 3r ....
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Shreyans Mehta, Co-founder and CTO,  Cequence Security
July 13, 2020
Law enforcement is traditionally about investigating and prosecuting, and far less about prevention.
Given the commercialization of cybercrime today, it only makes sense to follow the money. Because the fact is, money from cybercrime is funding even worse activities. Law enforcement is traditionally about investigating and prosecuting, and far less about prevention. It’s almost more important, however, to also focus on prevention, which will help us all be more resilient and less susceptible to ....
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Mark Bower, Senior Vice President ,  comforte AG
July 13, 2020
Organizations facing the dilemma of amassing sensitive data to run, compete and grow business must take first-line defense strategies.
This is a welcome move, and while critical to help recover funds stolen from US businesses and interests, especially smaller entities that can be decimated by direct financial attack, it will not be a full deterrent or defense against well-funded organized crime and nation-state attackers. The lure of data theft, identity and financial crime and economic influence through distributed and coordinat ....
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Erich Kron, Security Awareness Advocate,  KnowBe4
July 13, 2020
It is nice to see the government taking this seriously and making moves to address the issue.
This consolidation is good news, as so many financial crimes these days have a cyber element and cyber crime has a traditional element, such as the use of money mules to withdraw and muddy the money trail. By consolidating, there is far less bureaucracy and red tape to deal with when crimes cross both sides of the spectrum. Given the sheer amount of money that the organizations within the U.S. ar ....
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Ameet Naik, Security Evangelist ,  PerimeterX
July 13, 2020
Digital skimming and Magecart attacks fuel dark web marketplaces and surface in the real world as payment fraud.
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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