Bank of England and IMF chiefs warn AI-backed hacks threaten trust in financial system
nordicinst · x · 2026-10-14
At an online-fraud panel during the IMF/World Bank meetings in Bangkok, Bank of England Governor Andrew Bailey and IMF chief Kristalina Georgieva warned that rising cyberattacks could undermine trust in the financial system. Bailey cited headlines about self-replicating AI agents hijacking personal devices and the French supermarket hack that heated fridges to 50°C, framing the AI debate as being about trust in technology and human control: 'If we don't have trust in money, we don't operate as a society.' Georgieva said cyber fraud's toll is now so great that people could opt out of the formal financial system altogether.
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