Bank of England and IMF chiefs warn cyber fraud could erode trust in finance
Overview
Bank of England governor Andrew Bailey and IMF managing director Kristalina Georgieva warned at IMF and World Bank meetings in Bangkok that rising cyber fraud could undermine trust in the financial system.
Bailey urged social media companies to take responsibility for fraud transmitted through their platforms, and said AI can help defenders as well as attackers. Georgieva said people could opt out of the formal financial system if fraud is not curbed.
Written by AI from the articles below · updated Oct 14, 6:30 AM ET
Check the sources:
Article timeline
The articles in this story. Times are ET.
- The Guardian · AINewsBank of England and IMF warn cyber threats could erode trust in finance
AIBank 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.
Heat trend
Not enough continuous observations to show a trend yet.