New cyber fraud task force created by U.S. Secret Service to arrest scammers

Every year there is a significant increase in the number of registered cybercrimes, so U.S. authorities continue to look for the best way to combat these activities, cloud computing security specialists mention.

One of the most announced plans relates to the U.S. Secret Service, which has decided to merge Electronic Crimes Task Forces (ECTF) and Financial Crimes Task Forces (FCTF) to create a single unit with better resources for combating online fraudulent activities. Dubbed as Cyber Fraud Task Force (CFTF), this new unit will aim to prevent, detect and mitigate complex financial crimes driven by computer and technology expertise, in order to arrest the most dangerous cyber criminals.

The Secret Service has focused its most recent research efforts on finding the best way to disrupt and deter criminal activity that could be an obstacle to economic recovery at the most critical times of the pandemic. This is how U.S. agents have disrupted hundreds of online scams using coronavirus-related issues, which would have meant million dollar revenues for the largest groups of online threat actors, cloud computing security specialists say.

Previously, the Secret Service relied on an independent area of computer crime specialists, in addition to the financial crime investigation unit. Although the purpose of both units was to combat criminal activities, the profile of the professionals was somewhat different. With the merger of both units, researchers should no longer choose to specialize in the financial or computer security area, so they will henceforth receive training to improve their capabilities, technological knowledge and financial intelligence.

According to cloud computing security specialists, the U.S. government hopes that the creation of this unit will improve coordination, exchange of experience and resources, as well as the dissemination of best practices for combating any variety of financially motivated computer crimes. CFTF researchers will have the best resources to address all kinds of attack variants such as email account compromise, ransomware infections, data breaches, sale of financial information, among others.

So far, CFTF has 42 national and 2 international locations (London and Rome). The Secret Service has also expressed its intention to expand CFTF to more international locations in the medium term.

For further reports on vulnerabilities, exploits, malware variants and computer security risks, it is recommended to enter the website of the International Institute of Cyber Security (IICS), as well as the official platforms of technology companies.