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July 11, 2020 10:00 am

US Secret Service Creates New Cyber Fraud Task Force

The U.S. Secret Service announced the creation of the Cyber Fraud Task Force (CFTF) after the merger of its Financial Crimes Task Forces (FCTFs) and Electronic Crimes Task Forces (ECTFs) into a single unified network. Bleeping Computer reports: CFTF's main goal is to investigate and defend American individuals and businesses from a wide range of cyber-enabled financial crimes, from business email compromise (BEC) scams and ransomware attacks to data breaches and the illegal sale of stolen personal information and credit cards on the Internet and the dark web. Consolidating the two task forces into CFTF will allow the Secret Service to boost its agents' ability to prevent, detect, and mitigate financially-motivated cybercrime by improving coordination, sharing of resources and expertise, and best practices dissemination. "The creation of the new Cyber Fraud Task Force (CFTF), will offer a specialized cadre of agents and analysts, trained in the latest analytical techniques and equipped with the most cutting-edge technologies," said Michael D'Ambrosio, U.S. Secret Service Assistant Director. At the moment, the Secret Service has already operationalized CFTFs in 42 domestic offices and in 2 international locations (London and Rome). The Department of Homeland Security federal law enforcement agency also plans to increase the number of CFTF locations through its network of more than 160 offices across the U.S. and around the globe.

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