Key facts
- Bank of England Governor Andrew Bailey and IMF Managing Director Kristalina Georgieva warned that rising cyber-attacks risk undermining trust in the financial system.
- Bailey cited AI agents and a French supermarket hack as examples of threats.
- Georgieva fears fraud could push people out of the formal financial system, hindering financial inclusion.
- Bailey urged social media platforms to take responsibility for fraud transmitted via their channels.
- A new set of international principles for avoiding cyber fraud, the Bangkok blueprint, was launched.
The heads of the Bank of England and the International Monetary Fund have issued a stark warning that rising cyber-attacks risk undermining trust in the financial system. Speaking on a panel about online fraud at the IMF and World Bank meetings in Bangkok, Governor of the Bank of England, Andrew Bailey, pointed to alarming headlines about self-replicating AI agents hijacking personal devices and a hack that caused French supermarket fridges to heat up to 50C.
Bailey stated that trust in technology is central to achieving trust in money, which is essential for societal operation. He emphasized the critical role of technology in underpinning the financial system.
Echoing his concerns, IMF Managing Director Kristalina Georgieva said the toll of cyber fraud was so great that people could decide to opt out of the formal financial system altogether. She expressed concern that unless progress is made in combating fraud, many people might resort to storing money outside the formal system, particularly those on the fringes of financial inclusion.