Operation FRONTIER+ III, a two-month law enforcement effort involving 10 countries from March 10 to May 7, 2026, led to 3,018 arrests tied to more than 138,000 fraud cases involving roughly $752 million in victim losses. Authorities in the participating jurisdictions recovered $161 million and froze nearly 102,000 bank accounts. Hong Kong alone accounted for about $319 million of reported losses; its police arrested 870 people aged 13 to 83 in 742 cases and intercepted around HK$539 million, or about $69 million, in suspected criminal proceeds. In the largest individual case disclosed, a Singapore-based company CEO was tricked by a fake WhatsApp call impersonating the firm’s chairman and transferred $36.3 million for a bogus acquisition. Singapore authorities seized $9.7 million locally, while joint work with Hong Kong recovered another $11.1 million from bank accounts and linked crypto wallets after about half the stolen funds had been converted into stablecoins and dispersed across multiple wallets.