Kristalina Georgieva says online fraud could lead people to opt out of system and turn to ‘shoeboxes under their bed’

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The heads of the Bank of England and the International Monetary Fund have issued a stark warning that rising cyber-attacks risk undermining trust in the financial system.

Speaking on a panel about online fraud at the IMF and World Bank meetings in Bangkok, the governor of the Bank of England, Andrew Bailey, pointed to alarming headlines about self-replicating AI agents hijacking personal devices, and the French supermarket hack that heated fridges up to 50C.

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