Coming on the heels of recent news releases addressing the devastating future of worldwide cybercrime and projections of $6 trillion lost to cybercriminals within just a couple of years, President Trump yesterday issued an Executive Order creating a formal Task Force on Market Integrity and Consumer Fraud. The official text of the Order can be read here, but its essence is captured in this excerpt from the official statement directing the Task Force to “strengthen the efforts of the Department of Justice and Federal, State, local, and tribal agencies to investigate and prosecute crimes of fraud committed against the U.S. Government or the American people, recover the proceeds of such crimes, and ensure just and effective punishment of those who perpetrate crimes of fraud…”
Comments by Deputy Attorney General Rod Rosenstein during the briefing announcing the Task Force indicate that the Task Force’s objective will focus on deterring fraud, and on cooperation between governmental agencies to detect and prosecute fraudsters. In fact the announcement of the Task Force includes a statement that gives one hope that there will be more attention and punishment coming to bear of criminals in the future through recommended “changes in rules, regulations, or policy, or recommendations to the Congress regarding legislative measures, to improve the effective investigation and prosecution (emphasis added) of fraud and other financial crimes.”
Additional details associated with the Task Force announcements are presented in an article posted by Melanie Waddell, Washington Bureau Chief in ThinkAdvisor’s Investment Advisory Group. Read Ms. Waddell’s post here, and also note that her post provides a link to a related article by ThinkAdvisor’s Jane Wollman Rusoff outlining the results of an interview with convicted fraudster Frank Abagnale, now a consultant working (unpaid) with the Federal Bureau of Investigation. Abagnale uses his knowledge and applied experience in a variety of cybercrime techniques to help shape preventive policy in this volatile area. Read Ms. Rusoff’s enlightening post here…
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