At the IMF and World Bank annual meetings in Bangkok, IMF Managing Director Kristalina Georgieva warned that AI-boosted cybercrime could undermine trust in the financial system, citing hackers who pushed French supermarket fridges to 50C and spoiled food. She worried that many people could end up keeping cash in shoeboxes under their beds. JPMorgan CEO Jamie Dimon said the bank would not allow AI agents to operate on customers' behalf, while agents that move deposits to chase the highest savings rates could trigger rapid withdrawals and raise unresolved questions about liability. Bank of England Governor Andrew Bailey said, “If we don't have trust in money, we don't operate as a society.” The column says financial policymakers are alarmed by the collision between fast-moving AI and a financial system that now extends well beyond heavily regulated banks.
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