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Bank of England chief Andrew Bailey demands crackdown on 'downright criminal' social media scams at IMF meeting

Andrew Bailey, who was himself targeted by AI-generated deepfake scam ads on X, has called on social media giants to face legal liability for fraud on their platforms.
Andrew Bailey, who was himself targeted by AI-generated deepfake scam ads on X, has called on social media giants to face legal liability for fraud on their platforms.

Bank of England governor Andrew Bailey has demanded that social media giants face legal liability for the fraud spreading across their platforms, warning that without action, public trust in money itself is at risk. Speaking at the IMF's annual meetings in Bangkok, Bailey contrasted tech platforms with newspapers, which are legally responsible for their content. He also warned of sophisticated cyber-attacks capable of undermining the global financial system.

Bailey himself was targeted by AI-generated deepfake scam ads on Elon Musk's X in June, falsely depicting him fighting Nigel Farage.

'These platforms are open to everybody — everything's on it, the good, the bad and the downright criminal,' Bailey told the Bangkok gathering.

He warned that self-replicating AI agents are now hijacking personal devices, raising the stakes beyond simple fraud.

MoreDaily MailBoE's Andrew Bailey berates social media platforms over online fraudLBCAndrew Bailey calls for clampdown on ‘downright criminal’ social media scamsThe TelegraphAndrew Bailey warns tech giants after deepfake scandalThe TimesDeepfake victim Andrew Bailey urges crackdown on social media scams - The TimesCity A.M.Bailey demands crackdown on ‘downright criminal’ social media fraudYahooAndrew Bailey warns tech giants after deepfake scandal - Yahoo
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