A recent INTERPOL operation dubbed ‘Operation Jackal’ resulted in the arrest of 70 suspected members of the Black Axe cybercriminal gang responsible for over $1.8 million in financial fraud. The international law enforcement operation commenced in South Africa between September 26 to 30 of this year.
The Black Axe gang is one of the most dangerous cybercrime groups worldwide, founded in 1977 by its Nigerian members. The cybercriminal gang has devised numerous fraudulent scams that made them attain notoriety over time.
According to a report issued by INTERPOL on the operation, Black Axe and other similar cybercriminal groups are liable for massive cybercrimes worldwide that resulted in the loss of monetary assets and infrastructure damages for organisations or individuals.
The gang’s immense financial profits are evident through the operations and raids conducted by law enforcement authorities, including the seizure of cash, luxury items, expensive vehicles, properties, and mobile SIM cards, likely used for fraudulent campaigns.
INTERPOL has frozen millions of stolen funds and has arrested Black Axe gang members.
Operation Jackal also ensued analytical reports about the arrest. At the same time, “purple” and “red” notices were released that detailed the modus operandi of the arrested cybercriminals and other suspects still wanted for seizure.
Interpol’s report also highlighted the success of the org’s anti-money laundering rapid response protocol mechanism (ARRP) that aimed to combat financial crime globally. The organisation believes that speed and cooperation from several international authorities are crucial to detecting illegal funds from criminal transactions before they are laundered and sent to the threat actors’ pockets hiding in several countries.
The crime task force of Interpol has been a remarkable avenue to disrupt illicit financial transactions, subsequently bringing cyber teams and financial experts across experts to spot and stop criminal financial operations.
For months, the law enforcement organisation has been dismantling illegal operations from different countries, including a sextortion ring in Singapore and Hong Kong. Last June, the org seized about $50 million from threat actors and arrested thousands of suspects taking part in business email compromise (BEC) scams.
