In an operation coordinated by the Interpol, enforcement agencies in more than 20 countries have arrested over 1,000 individuals and intercepted about $27 million of illicit funds as part of a crackdown on cyber-enabled financial crime. India was one of the participants.
GS-II: International Relations, GS-III: Internal Security Challenges (Various Agencies and other interventions regarding Internal Security and their mandate)
Dimensions of the Article:
- About Cyber-enabled financial crime
- About operation ‘HAECHI-II’
- About the other Global Efforts to Prevent Cyber-enabled financial crime
- About Interpol
About Cyber-enabled financial crime
- With the tremendous increase in the use of Internet and Mobile banking, Mobile Wallet, Internet banking, e-commerce, Online share trading, there has been a corresponding growth in the incidents of financial frauds.
- Ransomware, extortion scams, identity theft, money laundering, and other financial crimes are examples of cyber-enabled financial crime.
Threats from cyber-enabled financial crime
- Social engineering (e.g. phishing email) might be used to launch a cyber-enabled financial assault from the outside.
- Insider threats – criminally motivated workers attempting to obtain access to cash – are also a concern.
- The following are the four most prevalent components of these attacks:
- Distributed Denial of Service (DDoS) smokescreens: Coordinated denial of service attacks on financial institutions are common, and they often appear to be aimed solely to impair the usage of online banking assets.
- Transactional based network penetration: When the financial institution’s systems are breached to begin or facilitate transactions from within the financial institution, one of the developing cyber enabled fraud assaults happens.
- Data theft based network penetration: Hackers continue to try to hack into processor and other financial institution systems in order to obtain client data such as account numbers, card numbers, and other personal identifiers.
- Conventional remote banking fraud: The latest wave of cyberattacks is notable for combining any or all of the above-mentioned attacks with traditional internet, mobile, phone payment, and card attacks.
About operation ‘HAECHI-II’
- The operation codenamed ‘HAECHI-II’ was conducted by INTERPOL saw police arrest more than 1,000 individuals underlining the global threat of cyber-enabled financial crime.
- Specialised police units from 20 countries, including Hong Kong and Macau, took part in the exercise to target specific types of online fraud, such as “romance” scams.
- It is the second such operation in a three-year project launched to tackle cyber-enabled financial crime.
About the other Global Efforts to Prevent Cyber-enabled financial crime
Anti-Money Laundering Rapid Response Protocol (ARRP)
- The Anti-Money Laundering Rapid Response Protocol (ARRP) has been vital to effectively intercepting illegal payments in various HAECHI-II situations.
- The findings revealed that the increase in crimes caused by the COVID-19 epidemic had not subsided.
Purple Notices from Interpol
- Based on the findings during the operation, the Interpol published multiple Purple Notices — police alerts that seek or provide information on modus operandi, objects, devices and concealment methods used by criminals.
- The notices are shared with the member countries to enable exchange of information on emerging criminal methods and establish links between cases.
- The International Criminal Police Organization (ICPO), commonly known as INTERPOL, is an international organization that facilitates worldwide police cooperation and crime control.
- Headquartered in Lyon, it has seven regional bureaus worldwide and a National Central Bureau in all 194 member states, making it the world’s largest police organization.
- INTERPOL provides investigative support, expertise, and training to law enforcement worldwide, focusing on three major areas of transnational crime: terrorism, cybercrime, and organized crime.
- Its broad mandate covers virtually every kind of crime, including crimes against humanity, child pornography, drug trafficking and production, political corruption, copyright infringement, and white-collar crime.
- The agency also facilitates co-operation among national law enforcement institutions through criminal databases and communications networks.
- Contrary to popular belief, INTERPOL is itself not a law enforcement agency.
- INTERPOL is mostly funded by annual contributions by member police forces in 181 countries.
- It is governed by a General Assembly, composed of all member countries, which elects the Executive Committee and the President.
- Pursuant to its charter, INTERPOL seeks to remain politically neutral in fulfilling its mandate, as it is barred from interventions or activities of a political, military, religious, or racial nature or involving itself in disputes over such matters.
- The agency operates in four languages: Arabic, English, French, and Spanish.
- The Central Bureau of Investigation (CBI) is the nodal agency in the INTERPOL for India.
-Source: The Hindu