Science & Tech · Cybersecurity · 2 hrs ago
Bank of England and IMF chiefs warn cyber fraud could erode trust
Bank of England governor Andrew Bailey and IMF managing director Kristalina Georgieva warned that cyber-attacks and fraud threaten trust in finance.
They spoke at a panel on online fraud during IMF and World Bank meetings in Bangkok.
The IMF has raised its global financial stability threat level to “elevated”, citing the risk of a major cyber-attack alongside other concerns.
Georgieva said growing fraud could lead people, especially those already on the edges of finance, to leave the formal system and keep cash at home.
Bailey said social media platforms help spread fraud and urged technology companies to take responsibility for what happens on their services.
The Bangkok blueprint sets out international principles for financial institutions to avoid cyber fraud, and Bailey said technology used by criminals should also be used to defend the system.
The heads of the Bank of England and the International Monetary Fund warned that cyber fraud and attacks could erode trust in the financial system.
Andrew Bailey said social media platforms and apps are now common channels for fraud and called for technology companies to take responsibility.
Kristalina Georgieva warned that people could withdraw from formal finance and keep their money outside the system.
The warnings came at an event in Bangkok launching international principles to help financial institutions avoid cyber fraud.
- Who
- Bank of England Governor Andrew Bailey and IMF Managing Director Kristalina Georgieva.
- What
- They warned that cyber-attacks and fraud could undermine trust in finance and urged action to address the threat.
- When
- 14 October 2026.
- Where
- Bangkok, at the IMF and World Bank meetings.
- Why
- Cyber fraud is growing in speed, scale and cost, and can damage trust and discourage people from using formal financial services.
This story does not have two clearly opposing sides.
The IMF warned that the possibility of a major cyber-attack was among factors raising the global financial stability threat level to “elevated”.
Bailey and Georgieva spoke about cyber fraud at an IMF and World Bank meetings panel in Bangkok.
The panel launched the Bangkok blueprint, a set of international principles for avoiding cyber fraud in financial institutions.
- Speakers
- Andrew Bailey and Kristalina Georgieva
- Event location
- Bangkok
- Blueprint
- Bangkok blueprint
- Financial stability threat level
- Elevated
- Fraud channels
- Social media platforms and apps
2 sources
What people are saying
If you don’t have trust in money, we don’t operate as a society.
We must get the social media companies involved because a lot of this fraud is transmitted through those channels.
this technology is arming the offence but it can also arm the defence, and it must do.
We may end up with lots of people with shoeboxes under their beds.