Bank of England chief urges social media firms to tackle fraud

Andrew Bailey, the Governor of the Bank of England, has urged social media companies to play a more active role in combating online fraud. Speaking in Bangkok, Mr Bailey described the activity on these platforms as "downright criminal" and highlighted a lack of accountability for the content hosted.

Mr Bailey has personally been targeted by AI-generated deepfake videos on platforms such as X, formerly Twitter. These fabricated videos have depicted him in various scenarios, including a confrontation with Nigel Farage. The Bank of England also reported earlier this year that adverts appearing on social media were designed to exploit the public. Some of these adverts directed users to fake news articles promoting investment schemes.

Call for greater responsibility

Kristalina Georgieva, the head of the International Monetary Fund (IMF), echoed concerns, warning that cyber fraud poses a risk to the stability and trust in financial systems. Mr Bailey stated that the current situation allows social media firms to operate with "no real liability" for what appears on their sites.

He explained that platforms have become open to all types of content, ranging from the beneficial to the "incredibly ugly and downright criminal and terrible." Mr Bailey indicated a need for a shift towards a world where responsibility is acknowledged by all parties involved in addressing the problem. "We must get the social media companies involved because a lot of this fraud is transmitted through those channels," he said.