Regulators: United States Secret Service (USSS)

Prerequisite:   Before you complain to regulators

(video Secret Service dual purpose ) 

The United States Secret Service (USSS)  seems to keep a low profile about many of their functions.  Yet what they do provides a critical protection for threats that are considered of vital importance to the integrity of the United States.   Often the secret service is most associated with protecting the US President, vice-President, their family, along with former presidents, other high-level government officials, and visiting diplomats from other countries.  But the USSS actually got its start under the Treasury department to monitor and minimize counterfeit money distribution during the Civil War.   And then by extension their mandate was much more about detecting and arresting those that engage in crimes that undermine the integrity of U.S. financial and payment systems. 

So that mandate of detecting those activities that “undermine the integrity of the US financial and payment systems” is actually a lot more intense that first glance.  Because the USD is the de-facto world reserve currency.  And at least 2/3rds of USD is actually circulated outside of the United States.  So anything that can destabilize the currency will be considered.   This includes investigating financial scams, ransomware, cryptocurrency hacking incidents, as well as all services that assist to connect the infrastructure of the financial system.   

Ransomware is becoming an increasing threat to destabilizing business infrastructure or operations.  Imagine if the power grid suddenly is captured by an attacker;  an entire city or region could be without power for several days.  Ransomware is a type of malicious software (malware), which denies access to systems or data and/or exfiltrates sensitive data to be sold off or used for further blackmailing purposes.  Typically, the malware displays an on-screen alert advising the victim that their device is locked or their files are encrypted. In some cases, after an initial infection, ransomware attempts to spread to connected devices and systems.

The term digital assets refers broadly to representations of value in digital form, regardless of legal tender status.  Digital assets may include cryptocurrencies, stable-coins and nationally backed central bank digital currencies. Regardless of the label used, or the various definitions ascribed to them, digital assets can be used as a form of money or be a security, a commodity or a derivative of either. Digital assets may be exchanged across digital asset trading platforms, including centralized and decentralized finance platforms, or through peer-to-peer technologies.

A cyber incident is an event that could jeopardize the integrity, availability, or confidentiality, of digital information systems. The Feds are particularly concerned with cyber incidents resulting in significant damage. Especially if it can spill over into affecting the trust of the public. Such incidents should be reported, especially if they:

• • Result in a significant loss of data, system availability, or control of systems
  • Impact a large number of potential victims
  • Indicate unauthorized access to, or malicious software present on, critical
  • information technology systems
  • Affect critical infrastructure or core government functions
  • Impact national security, economic security, or public health and safety

For example, transnational organized criminals often launder and cash out their illicit proceeds using digital asset service providers in jurisdictions that have not yet effectively implemented international standards. The ongoing growth in decentralized financial ecosystems, peer-to-peer payment activity and obscured blockchain ledgers presents additional risks to the American people and our foreign partners. When digital assets are abused and used in illicit ways it is in the US national interest to take actions to mitigate these risks through law enforcement action. The U.S. Secret Service has committed itself to safeguarding the US from illicit activity involving digital assets.

The Secret service also lends out its investigative and forensic tools to help law enforcement agencies to support missing and exploited child investigations by Congressional mandate. Secret Service does this through our National Center for Missing and Exploited Children (NCMEC) liaison.  Many of the USSS child safety outreach programs focus on cyber bullying, child exploitation, and child sex trafficking prevention by providing children with age-appropriate awareness and safety information.

Worth a look is the art of currency note design/redesign by government officials.

 Well they don’t have the name “secret” in their name for nothing.  

#RegulatedFool

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