President Trump to hold cybercrime roundtable: White House official
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(NewsNation) — President Trump will hold a roundtable about cybercrime Wednesday afternoon, a White House official told NewsNation.
“President Trump is unleashing every available tool to stop foreign-based, organized criminal organizations that exploit Americans in cyberspace,” the official said in a statement. “The Trump administration is taking on a $50 billion threat to American families and businesses … and disrupting the networks by targeting the transnational groups behind scam centers and fraud schemes, stopping the money fast by freezing stolen funds before they leave the system, then sizing them for victims and returning it to the victims by putting recovered funds back in the hands of the people who lost them.”
Seniors, children, and low-income families are disproportionately targeted by online cybercrime, losing their benefits and savings, the White House official told NewsNation.
These crimes are often perpetuated by Transnational Crime Organizations (TCOs) based outside the United States. The administration said it will focus on addressing ransomware attacks, phishing campaigns, sextortion schemes, impersonation scams and financial frauds.
The Homeland Security Task Force has restrained approximately $833 million in cryptocurrency tied to overseas scam centers and cryptocurrency investment fraud schemes. Authorities have seized 503 fraudulent cryptocurrency investment websites; these websites display fake gains to lure Americans into transferring money into criminally controlled accounts.
Investigators said they have identified and warned nearly 9,000 Americans who were actively being victimized, preventing an estimated $562 million in losses.
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