The governor of the Bank of England, Andrew Bailey, and the managing director of the International Monetary Fund (IMF), Kristalina Georgieva, have warned that a rise in cyber-attacks risks eroding trust in the financial system.
Speaking on a panel about online fraud at the IMF and World Bank meetings in Bangkok, Mr Bailey highlighted recent incidents, including self-replicating AI agents hijacking personal devices and a cyber-attack that heated French supermarket fridges to 50C. He stated that trust in technology and human control are central to the debate about AI, adding, “If we don’t have trust in money, we don’t operate as a society.”
Ms Georgieva echoed these concerns, suggesting that the significant toll of cyber fraud could lead people to withdraw from the formal financial system. She expressed worry that without addressing the speed, scale, and cost of growing fraud, many might resort to keeping their money outside the system, a threat particularly acute for those on the fringes of finance.
The IMF had previously warned on Tuesday that the possibility of a large cyber-attack was among factors elevating the global financial stability threat level, alongside higher borrowing costs and the risk of an AI share price crash.
Mr Bailey also stressed that fraud is often transmitted via social media platforms and apps, not solely through traditional financial channels. He urged big tech companies to take responsibility, contrasting their current liability with that of newspapers in the UK, which are accountable for the veracity of their published content. He called for social media companies to be involved in addressing the problem and for the same technology used by cybercriminals to be employed for defence.
The panel event also marked the launch of the Bangkok blueprint, a new set of international principles aimed at preventing cyber fraud in financial institutions.