Ridge unveils programs for protecting financial systems

[InfoSec News <isn () c4i org>]

http://www.govexec.com/dailyfed/0703/070803td2.htm

By William New
National Journal's Technology Daily 
July 8, 2003 

Homeland Security Secretary Tom Ridge on Tuesday announced several
programs designed to protect the U.S. financial system against
criminal exploitation.

In a speech at the Federal Reserve Board in New York, Ridge
highlighted the creation of a new initiative to investigate financial
crimes and the expansion of a program of electronic-crimes task
forces. "Safeguarding the integrity of America's financial system is a
key part of homeland security," he said.

The program of electronic-crimes task forces is run by the Secret
Service. It was expanded from the original New York-based program to
nine cities under a 2001 anti-terrorism law.

Tuesday's action extends the program to four additional cities:  
Cleveland; Columbia, S.C.; Dallas; and Houston. The existing task
forces are in Boston; Charlotte, N.C.; Chicago; Las Vegas; Los
Angeles; Miami; New York; San Francisco; and Washington.

The 13 task forces will focus on computer-based crimes such as
identity theft, network and computer intrusions, and
telecommunications fraud. They will partner with federal, state and
local law enforcement, as well as segments of the private sector, such
as the telecommunications industry and academic community, to identify
and try to eliminate weaknesses in networks.

Since its inception in 1995, the New York-based task force has charged
more than 800 people with electronic crimes valued at more than $500
million, according to a Homeland Security Department release. On
Tuesday, Ridge toured the New York task force's office.

Ridge also toured another task force called El Dorado. Operated by the
Bureau of Immigration and Customs Enforcement, it has investigated
money laundering and other financial crimes since it was begun in
1992. In that time, El Dorado agents have made 1,753 arrests and
seized nearly $560 million in illegal funds.

The new investigation initiative, called Operation Cornerstone, will
permit prosecution of money-laundering crimes and launch an effort to
work with the private sector to plug weaknesses in the financial
system that allow money laundering.

The Bureau of Immigration and Customs Enforcement also runs Operation
Cornerstone. The bureau will share information from the investigations
with the private sector. A dedicated special agent will be assigned to
each of the 25 bureau field offices to liaise with the private sector.

Ridge also announced a joint program between the bureau and the Secret
Service called the Systematic Homeland Approach to Reducing
Exploitation (SHARE), under which officials from both agencies will
meet twice a year with private-sector officials affected by financial
crimes.

Officials will share the latest information on specific investigations
on money laundering, identity theft and other crimes. The first
meeting is planned by mid-October.

Under the SHARE program, the Secret Service and CERT Coordination
Center at Carnegie Mellon University have begun an analysis of
network, system and database intrusions by company insiders with bad
intentions.



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