Interpol's Cybercrime Operation Recovers US$400 million Globally

Interpol’s Operation HAECHI V, conducted across 40 countries, led to the arrest of over 5,500 suspects involved in financial cybercrimes. The operation recovered US$400 million in stolen funds, marking a significant step in combating cyber-enabled fraud globally.

“Cybercrime’s borderless nature means international police cooperation is essential, and the success of this operation supported by Interpol shows what results can be achieved when countries work together,” says Valdecy Urquiza, Secretary General, Interpol, in a press release.

Executed between July and November 2024, Operation HAECHI V, represents the fifth iteration of Interpol’s coordinated efforts to address financial cybercrimes, which are targeting individuals and organizations worldwide through increasingly sophisticated methods. The operation targeted seven categories of fraud, including voice phishing, business email compromise, cryptocurrency scams, and online sextortion. 

“Financial losses from cyber-enabled crimes are estimated in billions annually, with victims ranging from individuals to large enterprises,” reads Interpol press release. “As these crimes exploit the anonymity and speed of digital transactions, advanced tools and unified global actions are imperative.” 

Operation Results

During Operation, over 8,309 cases were resolved, and 1,023 virtual asset service provider (VASP) accounts were blocked — nearly double the cases solved the prior year. Just in South Korea, authorities dismantled a voice phishing syndicate that had taken US$1.1 billion from over 1,900 victims. The group employed tactics such as impersonating law enforcement and using counterfeit identification. The crackdown resulted in 27 arrests, with 19 individuals formally indicted.

Another aspect of the operation focused on cryptocurrency fraud, particularly the “USDT Token Approval Scam.” This method involved luring victims via romance baiting and redirecting them to phishing sites where scammers could access their wallets. To combat such emerging threats, Interpol issued a Purple Notice to alert member countries about the technique.

The deployment of Interpol’s Global Rapid Intervention of Payments (I-GRIP) mechanism played a pivotal role in financial crime prevention by facilitating real-time communication between jurisdictions. For example, Singapore authorities, in collaboration with Timor-Leste, intercepted US$39.3 million from a fraudulent transfer of US$42.3 million arising from a compromised business email. Further investigations facilitated by I-GRIP led to the recovery of an additional US$2.6 million. Similarly, in the United Kingdom, I-GRIP enabled the interception of US$2.5 million connected to cyber fraud, with funds returned to victims.

Interpol’s press release emphasizes that HAECHI V success highlights the importance of ongoing collaboration among global financial institutions, law enforcement, and Interpol itself, as it can yield significant results in addressing global cyber-enabled financial crime. The dismantling of organized cybercrime networks and the recovery of stolen assets are expected to deter potential offenders and strengthen trust in digital financial systems, says Interpol.