Bank of England and IMF warn cyber-attacks threaten financial trust

Summarised from 2 outlets · Updated 14 Oct, 10:50 · Archive

The heads of the Bank of England and IMF warn that rising cyber-attacks risk undermining trust in the financial system.

Andrew Bailey and Kristalina Georgieva 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, Bailey pointed to alarming headlines about self-replicating AI agents hijacking personal devices and a French supermarket hack that heated fridges to 50C. He stressed the importance of trust in technology, saying: 'If we don't have trust in money, we don't operate as a society.'

Georgieva echoed these concerns, warning that the toll of cyber fraud is now so great that people could decide to opt out of the formal financial system. She drew on her own experience growing up behind the iron curtain, when distrust led people to keep dollars in shoeboxes under their beds. 'Unless we figure out how to get ahead of this curve, given the speed, the scale and the cost of fraud growing up, we may end up with lots of people with shoeboxes under their beds,' she said. She identified people on the fringes of the financial system as being particularly vulnerable to this threat.

How it is being reported

• Bailey demands crackdown on ‘downright criminal’ social media fraudBank of England governor Andrew Bailey has called on social media giants to take greater responsibility for online fraud, warning that the spread of scams and AI-generated content risks undermining trust in the financial system. Speaking at the International Monetary Fund’s annual meetings in Bangkok on Wednesday, Bailey criticised tech platforms for facing little accountability [...]City AM · 14 Oct, 15:40
• Bank of England and IMF bosses issue stark warning on cyber threat to trustAndrew Bailey and Kristalina Georgieva voice concerns about financial system on panel about online fraud Business live – latest updates 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, the governor of the Bank of England, Andrew Bailey, pointed to alarming headlines about self-replicating AI agents hijacking personal devices , and the French supermarket hack that heated fridges up to 50C…Guardian Business · 14 Oct, 10:07

In this story: Andrew Bailey · Kristalina Georgieva · Bank of England · International Monetary Fund · Bangkok

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