Source: Olena Bartienieva via Alamy Stock Photo

Following a global five-month operation involving law enforcement from 40 countries and regions, more than 5,500 financial crime suspects have been arrested and more than $400 million in virtual assets seized.

Operation HAECHI V spanned from July to November of this year and targeted seven types of cyber frauds: voice phishing, romance scams, online sextortion, investment fraud, illegal online gambling, business email compromise fraud, and e-commerce fraud.

As part of the operation, authorities from Korea and Beijing dismantled a voice-phishing syndicate responsible for $1.1 billion in losses, affecting more than 1,900 victims. 

During the length of the operation, Interpol also issued a Purple Notice related to cryptocurrency fraud practices involving stablecoin; Purple Notices are used to seek or provide information about operating methods as well as how suspected criminals conceal themselves. Interpol also alerted countries to the "USDT Token Approval Scam," in which threat actors access and control their victims' cryptocurrency wallets as part of Operation HECHI V.

"The effects of cyber-enabled crime can be devastating — people losing their life savings, businesses crippled, and trust in digital and financial systems undermined," Interpol Secretary General Valdecy Urquiza said. "The borderless nature of cybercrime 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."