Bank of England and IMF chiefs warn cyber-attacks risk undermining financial trust

Bank of England Governor Andrew Bailey and IMF Managing Director Kristalina Georgieva have warned that rising cyber-attacks risk undermining trust in the financial system.

• A panel at the IMF and World Bank meetings in Bangkok launched international principles against cyber fraud called the Bangkok blueprint.
• The IMF warned Tuesday that a potential large-scale cyber-attack was a factor raising the global financial stability threat level to "elevated."
• Bailey said fraud is now frequently committed via social media platforms and apps, and urged big tech companies to take responsibility.
• Georgieva warned that unless fraud is curbed, many people might withdraw from the formal financial system and keep money under their beds.