The International Monetary Fund (IMF) and World Bank Group on Wednesday unveiled a framework to help countries prevent, detect and address cyber-enabled fraud in digital financial services.
Developed in coordination with the Bank of Thailand, the Bangkok Blueprint was released during the institutions’ annual meetings in the Thai capital, according to a joint statement.
The framework sets out 12 key considerations to help countries identify vulnerabilities and develop coordinated responses to fraud, which has grown in speed, scale and sophistication alongside the expansion of digital finance.
Cyber-enabled fraud is increasingly linked to transnational organized crime and ranks among the most threatening crimes globally, alongside drug trafficking and money laundering, according to INTERPOL, the statement said.
The blueprint rests on five pillars: establishing strategic and legal foundations; strengthening fraud prevention, detection and response; drawing on existing risk mitigation and enforcement frameworks; expanding domestic and cross-border cooperation; and promoting consumer protection and resilience.
IMF Managing Director Kristalina Georgieva stressed that international cooperation against fraud was essential to preserving confidence in financial technologies that support growth and inclusion.
World Bank Group Managing Director and Chief Financial Officer Anshula Kant said stronger protection would help people confidently use digital financial services and benefit from the economic opportunities and jobs they create.
The framework highlights the role of social media, digital platforms, e-commerce and telecommunications networks in fraud schemes, emphasizing clear accountability and timely cooperation between public and private institutions.
It encourages countries to adapt its recommendations to their legal, institutional and market conditions.
Bank of Thailand Governor Vitai Ratanakorn said no country or institution could tackle the challenge alone, while Thailand’s Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas called for a more connected response as digital finance becomes increasingly interconnected.