(New Haven, CT) The abundance of news reports regarding financial cybercrime may make it seem like a losing battle, but a U.S. Secret Service agent in Connecticut is seen by the financial services industry as someone who knows how to fight back.
Senior Special Agent Brian McCabe has been building partnerships in the law enforcement and banking community for years to thwart complicated financial fraud. Now he is being recognized for his efforts by the Connecticut Chapter of the International Association of Financial Crimes Investigators (IAFCI). McCabe will receive the Chapter’s Law Enforcement Officer of the Year Award on June 15, 2018.
"Through Brian’s quick actions, he has been able to recover (more than $1 million) of fraudulently wired funds and return the funds to the victims," according to an IAFCI press release.
McCabe is a member of the U.S. Secret Service’s Electronic Crimes Task Force and is part of a Connecticut Cyber Working Group that includes federal, state and local law enforcement, and the Connecticut State’s Attorney’s Office.
Senior Special Agent Brian McCabe exemplifies the investigative talent and work ethic of the Secret Service," said Kenneth Jenkins, Assistant Director, U.S. Secret Service Office of Investigations. "The Secret Service is extremely proud of the work SSA McCabe, and others like him do every day to contribute to the success of our investigative mission."
McCabe is being recognized by IAFCI for his personal involvement in halting five large, wire fraud attempts that began with compromised business email at financial firms. Several cases involved "spoofed" email, where the recipient believed it was a valid request from a trusted partner to transfer funds. McCabe was able to reverse the transfers by getting involved early.
Since financial crimes often involve suspects and entities in many countries, timing is key. McCabe said the U.S. Secret Service leverages domestic and international law enforcement partnerships to stop intricate financial crimes. The effort can often be made easier if funds have not reached countries where partnerships have not been established.
"Banks and firms should establish relationships with local and federal law enforcement prior to becoming a victim, so that they know who to contact regarding a cyber incident or crime," McCabe said. "The earlier law enforcement can get involved, the greater chance we have at getting the funds back."
For more information on the U.S. Secret Service Electronic Crimes Task Forces, visit https://www.secretservice.gov/investigation/#field