News about Andrew Bailey

Bank of England Governor Andrew Bailey, speaking in Bangkok, called on social media companies to help address ‘downright criminal’ activity on their platforms, arguing that some firms face ‘no real liability’ for content posted. IMF head Kristalina Georgieva separately warned that cyber fraud risks are undermining trust in financial systems. Bailey himself has been targeted by AI deepfakes on X, and the Bank earlier reported adverts designed to ‘exploit the public’ that linked to fake news articles and investment schemes. He said responsibility is shared across society and that social media firms must be involved because much of this fraud is transmitted through their channels.