The Cyber Financial (CyFin) Program facilitates collaboration and information sharing with financial institutions and law enforcement to identify, validate, mitigate, and disrupt cyber-enabled financial crimes and cyberthreats to the financial services industry. Financial institutions participants generally include subject matter experts from anti-money laundering (AML), cyber threat intelligence (CTI), fraud investigations, or information security at banks, brokerage firms, insurance companies, and payment processors. The subject matters on which the Program focuses include abuse of or intrusion into financial accounts; business email compromise (BEC); digital payment fraud, which includes cryptocurrency and peer-to-peer (P2P) mobile payments; crime-as-a-service, particularly money laundering-as-a-service; human trafficking; payment card fraud; securities fraud; and synthetic identity fraud. This model has enabled financial institutions to mitigate and prevent billions of dollars in economic loss and law enforcement to disrupt hundreds of significant cybercriminals around the world.
- Law enforcement arrested three Ukrainian members of FIN7, which is a group which has used malware to steal card data from major hotels and restaurants. Our intelligence analysts disseminated intelligence on this group to industry and law enforcement. The US Department of Justice said, “The indictments are the result of an investigation conducted by the Seattle Cyber Task Force of the FBI and the U.S. Attorney’s Office for the Western District of Washington, with the assistance of the Justice Department’s Computer Crime and Intellectual Property Section and Office of International Affairs, the National Cyber-Forensics and Training Alliance, numerous computer security firms and financial institutions, FBI offices across the nation and globe, as well as numerous international agencies.”
- A US District Court sentenced a Russian national to 70 months in federal prison and ordered him to pay more than $4.1 million in restitution for breaching two companies and debit card fraud. Our intelligence analysts and financial institutions which are our members disseminated on this actor to assist law enforcement in this effort.
- Law enforcement arrested 76 individuals who were involved in business email compromise (BEC), seized $2.4 million, and recovered $14 million. Our intelligence analysts and financial institutions which are our members disseminated on this actor to assist law enforcement in this effort. The US Department of Justice said, “Multiple private sector partners were also instrumental throughout this investigation, including…the National Cyber-Forensics and Training Alliance (NCFTA).”