IMF and World Bank Launch Bangkok Blueprint to Fight Fraud

The International Monetary Fund and the World Bank launched the Bangkok Blueprint on October 14 in Bangkok to combat the surge of global online financial fraud. Developed in coordination with the Bank of Thailand, the roadmap provides 12 policy considerations to help nations identify vulnerabilities and coordinate responses across legal foundations, enforcement, and consumer protection.

Managing Director Kristalina Georgieva and Bank of England Governor Andrew Bailey warned that AI-driven fraud and cyber-attacks risk undermining global trust in the financial system. Georgieva cautioned that the scale of these scams could drive people to abandon formal banking in favor of keeping cash in shoeboxes. Bailey specifically urged social media companies to accept greater liability, noting that these platforms are primary channels for transmitting fraud.

The initiative targets a crisis particularly acute in Asia, which accounted for 67 percent of global fraud losses in 2024. Thai officials linked these scam operations to illicit financial flows and human trafficking. The framework advocates for a whole-of-ecosystem response involving financial services, telecommunications, and big tech to counter the accelerating impact of AI on digital fraud.