US intelligence announced the creation of the Cyber Fraud Task Force (CFTF) on July 10 after the electronic crime task force and the financial crime task force were merged into a single network. .
According to the official announcement, the Secret Service had planned for two years to set up a single cyber-crime task force related to the financial sector and to tackle things like ransomware attacks, corporate email compromise fraud, and credit card theft. online among others.
The CFTF appears in a context where the illegal market for stolen credit card information via the dark internet and corporate banking information continues to grow.
Concerns about cryptocurrency transactions
The Secret Service expressed concern about the role of cryptocurrencies behind illegal online transactions, which have “become one of the primary means by which criminals launder their illegal profits.”said the ad.
Ameet Naik, security expert at PerimeterX, commented in an interview with Cointelegraph on the official launch of the CFTF:
“Financial crimes and cyber crimes are two sides of the same coin. Digital friction and Magecart attacks feed dark web markets and act as payment fraud in the real world. This harms companies and undermines trust in the financial system. The FBI’s Combined Cyber Fraud Task Force will enable better data exchange and attack the root of the problem. “
The mission of the new CFTF aims to improve the coordination and dissemination of good practice for all your investigations into financial cybercrime.
Cyber financial crimes pose a high risk to the financial system
The Secret Service said the country is facing a “growing threat” from cross-border cybercrime, particularly against the US financial system.
Erich Kron, a security awareness attorney at KnowBe4, told Cointelegraph:
“This consolidation is good news because many financial crimes today have a cyber element and cyber crime has a traditional element, such as using money mules to remove and tarnish the money trail. Consolidation means much less bureaucracy when crimes cross both sides of the spectrum. Given the huge amount of money organizations in the United States bleed from financial and cybercrime every year, it’s nice to see the government take this seriously and take steps to address the problem. “
A recent study by Digital Shadows found that over 15 billion credentials were in circulation over the dark Internet, an increase of 300% since 2018. The information available ranges from login information for network access to data from bank login and even streaming service accounts such as Netflix.
Cointelegraph also reported that the number of successful ransomware attacks in the U.S. public sector declined between January and April 2020 as a result of the COVID 19 crisis. However, researchers recently found that the trend is reversing and the incidents are now escalating.