What Happened?

Interpol launched Operation HAECHI-V between July and November 2024 to combat financial and cyber-enabled crimes. This extensive operation uncovered global scams, including voice phishing, cryptocurrency fraud, and other forms of financial deception.

A notable success was dismantling a voice phishing syndicate. The group, using counterfeit IDs, impersonated law enforcement to steal $1.1 billion from victims. A joint effort between South Korea and Beijing authorities led to 27 arrests and the indictment of 19 individuals.

Key Details

1. Scale of the Operation:

   • 5,500 arrests across 40 countries.

   • Over $400 million seized in assets, including cryptocurrency.

   • Victims from various scams reported losses in millions.

2. Emerging Scams Identified:

   • A cryptocurrency fraud named the USDT Token Approval Scam exploited victims using romance-themed phishing links. Victims unwittingly granted full wallet access, enabling scammers to steal funds.

3. Global Impact:

   • Interpol issued purple notices to warn member nations of new fraud tactics.

   • Collaborative policing highlighted the transnational nature of cybercrime.

Industry Implications

This operation serves as a warning to governments, businesses, and individuals about the growing risks of cyber-enabled financial crimes. Interpol’s continued efforts reflect the necessity for international partnerships to tackle these challenges effectively.

Quotes from Officials

Jürgen Stock, INTERPOL Secretary General:

"Cyber-enabled financial crimes are not just about monetary loss—they destroy trust and livelihoods. This operation exemplifies the strength of international police collaboration in fighting this menace."

Next Steps for Organizations

1. Raise Awareness: Educate employees and customers on phishing tactics and social engineering risks.

2. Strengthen Security Protocols: Implement multi-factor authentication and regular monitoring for suspicious activity.

3. Collaborate with Law Enforcement: Share intelligence with local and international authorities to combat organized cybercrime.

Summary

Interpol's HAECHI-V operation, conducted over five months with the participation of 40 nations, resulted in 5,500 arrests, the seizure of $400 million, and the dismantling of a voice phishing network responsible for over $1 billion in losses.

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