Breaking News: Interpol Seizes $300M, Arrests 3,500 Suspects in Cyber Crime

In a landmark global operation spanning six months, law enforcement agencies from 34 countries came together to combat cyber-enabled financial crimes. The joint effort, known as Operation HAECHI IV, successfully led to the arrest of nearly 3,500 suspects and the seizure of assets worth a staggering $300 million (approximately EUR 273 million).

The operation, which took place from July to December 2023, targeted seven types of online scams, including voice phishing, romance scams, online sextortion, investment fraud, money laundering associated with illegal online gambling, business email compromise fraud, and e-commerce fraud.

Operation HAECHI IV, conducted under the auspices of INTERPOL, employed cutting-edge technologies and international collaboration to tackle the growing menace of cybercrime. Investigators worked tirelessly to detect online fraud schemes and froze bank accounts and virtual asset service provider (VASP) accounts using INTERPOLs Global Rapid Intervention of Payments (I-GRIP), a mechanism that facilitates international cooperation in blocking criminal proceeds.

One of the operation's biggest accomplishments was the arrest of a high-profile online gambling criminal in Manila, Philippines, following a two-year search conducted by Korea's National Police Agency in collaboration with Filipino authorities. This result demonstrates the effectiveness of international collaboration in bringing cybercriminals to justice.

In total, authorities managed to block 82,112 suspicious bank accounts, resulting in the seizure of USD 199 million in hard currency and USD 101 million in virtual assets. These assets represent ill-gotten gains from various online scams, demonstrating the scale of transnational organized crime in the digital age.

Stephen Kavanagh, INTERPOL‘s Executive Director of Police Services, emphasized the gravity of the situation, saying, “The seizure of USD 300 million represents a staggering sum and clearly illustrates the incentive behind today’s explosive growth of transnational organized crime. This represents the savings and hard-earned cash of victims. This vast accumulation of unlawful wealth is a serious threat to global security and weakens the economic stability of nations worldwide.”

INTERPOL also played a pivotal role in identifying 367 virtual asset accounts linked to transnational organized crime. These accounts were promptly frozen by police in member countries, and investigations are ongoing to bring those responsible to justice.

Kim Dong Kwon, Head of the National Central Bureau in Korea, highlighted the success of global efforts to combat cybercrime, stating, “It is remarkable that global efforts to stay ahead of the latest criminal trends have resulted in a substantial growth in operational outcomes. Despite criminals' endeavors to gain illicit advantages through contemporary trends, they will eventually be apprehended and face due punishment. To accomplish this, Project HAECHI will consistently evolve and expand its scope.”

During Operation HAECHI IV, two Purple Notices were issued by INTERPOL to warn member countries about emerging digital investment fraud practices. One of the notices highlighted a scam in Korea involving the sale of Non-Fungible Tokens (NFTs) with promises of huge returns, which turned out to be a “rug pull.” This type of scam is becoming increasingly common in the cryptocurrency industry, where developers abandon a project abruptly, resulting in financial losses for investors.

The second Purple Notice raised concerns about the use of AI and deep fake technology by criminals to enhance the credibility of scams. By employing AI and deep fake technology, criminals can hide their identities and impersonate family members, friends, or love interests, making their scams more convincing. The UK leg of the operation reported several cases where AI-generated synthetic content was used to deceive, defraud, harass, and extort victims, particularly through impersonation scams, online sexual blackmail, and investment fraud. Some of these cases also involved voice cloning technology to impersonate individuals known to the victims.

Operation HAECHI IV has been financially supported by Korea and has seen active participation from countries around the world, including Argentina, Australia, India, the United States, and many others.

For more information about Operation HAECHI IV and how to protect yourself from cyber-enabled scams, please refer to the following FAQs:

FAQ: How to Avoid Cyber-Enabled Scams

Q1: What are some common cyber-enabled scams to watch out for？

A1: Common cyber-enabled scams include voice phishing, romance scams, online sextortion, investment fraud, money laundering associated with illegal online gambling, business email compromise fraud, and e-commerce fraud.

Q2: How can I safeguard myself against cyber-enabled scams？

A2: Be careful when revealing personal information online, be wary of unwanted communications or offers, and check the identities of persons or institutions asking for money or sensitive information to protect yourself against cyber-enabled frauds. Furthermore, keep up to date on the current scam trends and use secure, unique passwords for online accounts.

Q3: What should I do if I think I've been the victim of a cyber-enabled scam？

A3: If you believe you have been the victim of a cyber-enabled fraud, notify your local law enforcement agency and the appropriate authorities. It is critical to respond swiftly to limit possible financial damages.

Bottom Line

The success of Operation HAECHI IV in countering cyber-enabled financial crimes emphasizes the necessity of international collaboration in addressing the rising menace of online fraud. Law enforcement agencies from 34 nations have delivered a clear message to cybercriminals that their illegal acts would not go unpunished by working together. However, in an increasingly digital environment, people must be aware and take safeguards to protect themselves against cyber-enabled fraud. We can jointly lessen the effect of online fraud and guarantee a safer online environment for everybody by being aware and careful.