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Bank and IMF chiefs warn cyber-fraud could erode trust in finance
Bank of England governor Andrew Bailey and IMF managing director Kristalina Georgieva warned that escalating cyber-fraud could undermine confidence in formal finance, especially among people already near its margins. Bailey said fraud increasingly travels through social platforms and apps, urging technology companies to accept greater responsibility and use AI defensively. Their remarks accompanied the launch of the Bangkok blueprint, international principles for preventing cyber-fraud at financial institutions. The IMF has also raised its global financial-stability threat level to elevated, citing major cyber-attacks among other risks.
Editorial summary · Publisher article
What matters
- Bailey linked trust in technology and human control to trust in money and the financial system.
- Georgieva warned that people could retreat to keeping cash outside formal institutions if fraud continues to grow.
- The Bangkok blueprint sets out international principles for avoiding cyber-fraud in financial institutions.
Context & caveats
- The article reports warnings and policy proposals, not evidence that widespread withdrawal from formal finance is already occurring.
Why this made the edition
Substantive, attributed reporting with evidence from an IMF and World Bank panel, an IMF stability warning, and a new international anti-fraud initiative.
Source material