Informa TechTarget | SearchSecurity Cybersecurity Dive InformationWeek Channel Dive Explore our brands An Informa TechTarget Publication Dark Reading Resource Library Black Hat News Omdia Cybersecurity Advertise Newsletter Sign-Up Newsletter Sign-Up Cybersecurity Topics Related Topics Application Security Cybersecurity Careers Cloud Security Cyber Risk Cyberattacks & Data Breaches Cybersecurity Analytics Cybersecurity Operations Data Privacy Endpoint Security ICS/OT Security Identity & Access Mgmt Security Insider Threats IoT Mobile Security Perimeter Physical Security Remote Workforce Threat Intelligence Vulnerabilities & Threats Recent in Cybersecurity Topics Application Security AI Harnesses Burst With Potential Exploit Opps AI Harnesses Burst With Potential Exploit Opps by Robert Lemos Jul 30, 2026 4 Min Read Application Security OpenAI's Rogue Model Claims More Victims Beyond Hugging Face OpenAI's Rogue Model Claims More Victims Beyond Hugging Face by Alexander Culafi Jul 29, 2026 3 Min Read World Related Topics DR Global Asia Pacific Europe Latin America Middle East & Africa See All The Edge DR Technology Events Related Topics Upcoming Events Podcasts Webinars SEE ALL Resources Related Topics Resource Library White Papers Reports Webinars Newsletters Podcasts Heard It From a CISO Reporters' Notebook Dark Reading's 20th Videos Dark Reading Polls Partner Perspectives Meet the Editors Advertise With Us About Us Dark Reading Resource Library Cybersecurity Operations Cyberattacks & Data Breaches Cyber Risk Insider Threats News Interpol Leverages Global System to Curtail Fraud Payments When a fraudulent transaction occurs, law enforcement agencies must work quickly to halt payments before cybercriminals cash out. Robert Lemos , Contributing Writer July 31, 2026 4 Min Read Source: megaflopp via Shutterstock Earlier this month, Interpol revealed that authorities in Singapore and Oman used a worldwide network of law enforcement agencies and financial organizations to halt a $6.6 million payoff from a business email compromise (BEC) scam, part of Operation First Light 2026, which — among other milestones — blocked more than 31,000 bank accounts linked to fraud. When companies and individuals report fraud and cybercrime, it's often too late to recover transferred funds. The coalition of law enforcement agencies and financial firms, known as the Interpol Global Rapid Intervention of Payments (I-GRIP) mechanism, has been working together to cut down the time to halt transfers and recover funds. I-GRIP links together the offices of national law enforcement in 196 countries with local and international financial firms to speed requests to take action against fraud. In the same way that Interpol connects law enforcement in different countries through its National Central Bureaus (NCBs), I-GRIP extends those operational connections to financial institutions, Tomonobu Kaya, director of the Interpol Financial Crime and Anti-Corruption Center, tells Dark Reading. Related: Claude Mythos — Hype vs. Reality: What Security Teams Need to Know "To maximize the effectiveness of our stop-payment mechanism, member countries need to be able to act quickly and at any time," he says. "This round-the-clock readiness ensures the instant transfer of information among member countries at any time." Cybercrime losses borne by individuals — and profits for the transnational criminal organizations (TCOs) behind the scams — have risen quickly over the past five years. In 2025, Southeast Asian TCOs caused roughly $100 billion in damages (estimates range from $88 billion to $114 billion), much of which is direct costs to victims transferred through legitimate and illicit fund transfers. Often, some local police and government officials have collaborated with the criminal syndicates , which operate as businesses, many of which have been sanctioned by the US and Western European nations . Getting a GRIP on Fraud-Money Transfers I-GRIP aims to make success more difficult by making defenders and financial institutions more efficient. By enabling the rapid transfer of information between National Central Bureaus, I-GRIP allows more successful interceptions of illicit asset transfers before they cross borders. In August 2024, for example, a coordinated action between Singapore and Timor Leste (East Timor) in Southeast Asia resulted in the interception of $40 million in funds after an investment firm received a false request to update a supplier's bank information. I-GRIP helped stop the transfer, even though the incident was reported four days after the transaction was initiated. Related: Red Agents vs. Blue Agents: How to Make AI Better at Defense While bilateral agreements exist for such cooperation, I-GRIP distinguishes itself as the only global, real-time solution for cross-border fraud interception, says Interpol's Kaya. "While different jurisdictions may have their own stop-payment tools, the real challenge is ensuring instant, 24/7 information sharing across borders," he says. "Without rapid coordination, fraudsters can move illicit funds globally in minutes, leaving victims with little hope of recovery." Because fraud schemes regularly jump jurisdictions, using bank accounts in different countries and transferring funds through non-bank financial services, blocking transactions quickly has become critically important, says Eric Jardine, head of research at Chainalysis. "A victim may be in one country, the receiving account in another, the laundering network in a third, and the scam operators somewhere else entirely — a mechanism that shortens the time between detection and intervention can materially improve outcomes," he says. "The number one factor is response time: Victims need clear reporting channels, and institutions need the ability to escalate suspected fraud immediately." Related: Former Citigroup CISO Blauner on What Makes A Great Security Leader A layered model works best, he says, with rapid notification channels, strong public-private partnerships, better institutional points of contact, and technology that helps each party better identify suspicious destination accounts. Cryptocurrencies Pose Significant Challenges Because cryptocurrency often does not pass through traditional financial institution or banking channels, halting such transactions becomes even more difficult. Outcomes vary by jurisdiction, but once stolen crypto is converted to cash, the chances of recovery usually fall sharply, says Jardine, because cryptocurrencies introduce near-instant transactions, global reach, and creative laundering options. "Criminals can move value across borders at any hour, chain-hop between assets, use mixers or other obfuscation tools, and attempt to cash out through a wide range of services," he says. "But crypto also creates a major advantage for investigators: transparency. Unlike cash or opaque offshore structures, blockchain transactions create a permanent record." Using the right tools, investigators and experts can trace funds, identify patterns across victims, and in many cases, map the wider criminal network, Jardine says. Interpol aims to better target cryptocurrency transactions by connecting member countries' National Central Bureaus (NCBs) with virtual asset service providers (VASPs), says Interpol's Kaya. The goal? Ensuring fraud alerts can reach cryptocurrency exchanges as quickly as banks. About the Author Robert Lemos Contributing Writer Rob is an award-winning, veteran technology journalist of more than 30 years, reporting on global cybersecurity issues, the latest offensive and defensive technologies, malware incidents, cyber conflict, and AI's impact on software and cybersecurity. A former research engineer, Rob has written for more than two dozen publications, including CNET News.com, Dark Reading, MIT's Technology Review, Popular Science, and Wired News. He has received five awards for journalism, including Best Deadline Journalism (Online) in 2003 for his coverage of the Blaster worm. Rob also analyzes data on various trends using Python and R for both his reporting and his clients. Recent reports include analyses of the shortage in cybersecurity workers, annual vulnerability trends, and annual threat reports. Rob holds degrees from Cornell University in Electrical Engineering and Computer Science (double major). See more from Robert Lemos Want more Dark Reading stories in your Google search results? 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