Infostride News reported on Tuesday the successful conclusion of a transcontinental police operation led by INTERPOL, targeting online financial crime and resulting in almost 3,500 arrests.
The operation, known as HAECHI IV, spanned six months from July to December 2023, with a focus on combating seven types of cyber-enabled scams: voice phishing, romance scams, online sextortion, investment fraud, money laundering associated with illegal online gambling, business email compromise fraud, and e-commerce fraud.
Authorities from 34 countries participated in Operation HAECHI IV, including Argentina, Australia, Brunei, Cambodia, Cayman Islands, Ghana, Hong Kong (China), India, Indonesia, Ireland, Japan, Kyrgyzstan, Laos, Liechtenstein, Malaysia, Maldives, Mauritius, Nigeria, Pakistan, Philippines, Poland, Korea, Romania, Seychelles, Singapore, Slovenia, South Africa, Spain, Sweden, Thailand, United Arab Emirates, United Kingdom, United States, and Viet Nam.
During the operation, investigators collaborated to detect online fraud and freeze associated bank and virtual asset service provider (VASP) accounts. INTERPOL utilized its Global Rapid Intervention of Payments (I-GRIP), a stop-payment mechanism facilitating international cooperation to block criminal proceeds. The success of this collaboration was exemplified by the arrest of a high-profile online gambling criminal in Manila after a two-year manhunt by Korea’s National Police Agency, demonstrating the effectiveness of cross-border efforts.
A total of 82,112 suspicious bank accounts were blocked, resulting in the seizure of $199 million in hard currency and $101 million in virtual assets. The magnitude of these seizures, totaling $300 million, highlights the scale of the financial threat posed by transnational organized crime. Stephen Kavanagh, INTERPOL’s Executive Director of Police Services, emphasized the significance of the operation, stating, “This vast accumulation of unlawful wealth is a serious threat to global security and weakens the economic stability of nations worldwide.”
The operation also addressed emerging digital investment fraud, with INTERPOL issuing two Purple Notices. These warnings alerted member countries to new scam practices, such as the sale of Non-Fungible Tokens (NFTs) with false promises of significant returns, and the use of AI and deep fake technology to enhance the credibility of scams. The latter involves criminals hiding their identities and impersonating family members, friends, or love interests.
Kim Dong Kwon, Head of INTERPOL’s National Central Bureau in Korea, highlighted the success in staying ahead of criminal trends and the growth in operational outcomes. He emphasized the ongoing evolution and expansion of Project HAECHI to combat contemporary cyber threats. The Purple Notices issued during Operation HAECHI IV provided crucial information about the use of AI-generated synthetic content in scams, especially through impersonation, online sexual blackmail, and investment fraud.
The UK leg of the operation reported instances where AI-generated synthetic content was used to deceive, defraud, harass, and extort victims. Voice cloning technology was employed in impersonation scams, further illustrating the adaptability of cybercriminals in exploiting advanced technologies for illicit gains.
In conclusion, Operation HAECHI IV stands as a testament to the international community’s commitment to combating online financial crime. The collaborative efforts of law enforcement agencies from 34 countries, facilitated by INTERPOL, resulted in significant arrests and the seizure of substantial assets. The operation not only addressed existing cyber threats but also provided timely warnings about emerging trends in digital investment fraud, emphasizing the importance of staying vigilant in the face of evolving criminal tactics. The success of HAECHI IV underscores the necessity for continued international cooperation to safeguard individuals and nations from the growing menace of transcontinental organized cybercrime. Infostride News will continue to monitor and report on developments in the ongoing efforts to counter online financial crime.
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