Bank of England and IMF warn cyber threats could erode trust in finance

Bank of England governor Andrew Bailey and IMF managing director Kristalina Georgieva warned that rising cyber fraud could undermine trust in the financial system at IMF and World Bank meetings in Bangkok.

Bailey urged social media companies to take responsibility for fraud transmitted through their platforms and said AI technology can arm defenders as well as attackers. Georgieva said people could opt out of the formal financial system if fraud is not curbed.