Trump wants Justice Department to prioritize cybercrime cases
President Donald Trump Hope his administration will crack down on “predatory” schemes targeting American consumers and businesses.
The President signed a executive order Calling for a review, “operational, technical, diplomatic and regulatory tools can be improved to combat transnational criminal organizations (TCOs) engaged in cybercrime and fraud”.
For example, the order directs the Attorney General to prioritize cyber fraud/fraud prosecutions, focusing on the “most serious, provable crimes,” and recommends the establishment of a fund to compensate victims of fraud using funds seized or forfeited from fraudsters.
it also calls for Department of Homeland Security Provides training and technical assistance to state and local law enforcement agencies in responding to cyber threats. The order also threatens countries that “tolerate these predatory programs” with sanctions, visa restrictions, restrictions on foreign aid and “the expulsion of complicit officials.”
“Ransomware attackphishing campaigns, financial fraud, sextortion schemes and impersonation scams are often coordinated campaigns carried out by experienced TCOs,” the White House's announcement explain.
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“In many cases, foreign regimes provide voluntary or tacit state support for cybercrime and predatory schemes, creating a shadow economy driven by: Identity stolencoercion, forced labor and human trafficking. “
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The announcement states that U.S. consumers have lost more than $12.5 billion to online fraud, with seniors losing the most on average.
Research from PYMNTS Intelligence and Block, from the report “Financial Fraud and Consumer Trust” Research shows that nearly 20% of U.S. adults have experienced at least one scam in the past five years. The White House gave a much higher number — 73% — but gave no timeline for the findings.
“Technology has degraded The cost and speed of fraud. Scammers are increasingly using digital marketplaces, peer-to-peer payment channels and artificial intelligence simulation tools to make their scams more convincing. ” PYMNTS wrote earlier this year.
“Speed is a core weapon: nearly two-thirds of victims pay within 24 hours of first contact, and many complete payments within minutes. In more than half of the cases, victims send money directly; in the remainder, they unknowingly provide account credentials, allowing the funds to be siphoned off,” the report adds.
Meanwhile, senior banking industry executives attended the hearing. house financial services committee warning last week Fraud-related threats Face their industry.
Today’s fraud is “increasingly industrial, technology-driven, cross-channel and scalable,” says Joseph Schuster Ballard Spahrtold the panel.
