Global operation against cybercrime nets $400m and 5,500 arrests

Interpol-led operation involved more than 40 countries

An Interpol-led global operation against cyber crime has netted $400 million (£315m) and led to 5,500 arrests. The five-month initiative involved law enforcement agencies in more than 40 countries across the world.

Seven variants of cybercrime were targetted in the Interpol-led HAECHI V operation, which ran between July and November 2024. They were: voice phishing; romance scams; online sextortion; investment fraud; illegal online gambling; business email compromise fraud; and e-commerce fraud.

The most significant success of the operation arguably involved authorities in South Korea and China working together, with law enforcement agencies in Beijing dismantling a voice phishing syndicate responsible for rinsing more than $1.1 billion (£850m) from its 1,900 victims in Korea. The gang masqueraded as law enforcement officials, brandishing fake ID. Twenty-seven gang members were arrested.

Authorities in the UK and Guernsey, meanwhile, were able to intercept and retrieve more than £2 million from banks in Portugal using the Interpol Global Rapid Intervention of Payments (I-GRIP) system, following an awareness session in the Channel Islands. I-GRIP is a stop-payment mechanism in which participating countries work together to intercept stolen funds.

The HAECHI series of cyber-policing drives is sponsored by the South Korean government. Now in its fifth year, HAECHI V almost doubled the number of cases solved (8,309) and tripled the number of virtual asset service provider accounts blocked (1,023) compared to HAECHI IV in 2023.

Interpol has also issued a Purple Notice warning people across the world about a cryptocurrency fraud centred on the Stablecoin virtual currency.

The ‘USDT Token Approval Scam’ aims to provide fraudsters with access to, and control of, victims’ cryptocurrency wallets.

“The two-step approach first lures in victims using romance baiting techniques, instructing them to buy popular Tether stablecoins (USDT Tokens) via a legitimate platform.

“Once the scammers have gained their trust, the victims are provided with a phishing link claiming to allow them to set up their investment account.

“In reality, by clicking they authorise full access to the scammers, who can then transfer funds out of their wallet without the victim’s knowledge,” warns Interpol.