The International Monetary Fund and the World Bank, in coordination with the Bank of Thailand, have launched a framework called the ‘Bangkok Blueprint’ to help countries worldwide tackle the rise of cyber-enabled fraud in digital financial services.
In a joint statement on Wednesday, the international financial organisations noted that digital financial transactions had increased significantly in recent years, but the rise in sophisticated cyber fraud had accompanied it, and internet fraud is among the most threatening crimes globally.
“International Monetary Fund (IMF) and the World Bank Group Managements today released the Bangkok Blueprint, a high-level framework developed in coordination with the Bank of Thailand that aims to help countries prevent, detect, and address the growing threat of cyber-enabled fraud in digital financial services.
“Digital finance has expanded access, innovation, and efficiency, but it has also enabled fraud to occur at greater speed, scale, and sophistication. Cyber-enabled fraud is increasingly linked to transnational organised crime and is ranked by INTERPOL as among the most threatening crimes globally, alongside drug trafficking and money laundering,” the statement said.
The organisations said the framework is centred on establishing strategic and legal foundations; strengthening the fraud-mitigation life cycle; leveraging existing risk-mitigation and enforcement frameworks; expanding domestic and cross-border cooperation; and promoting consumer protection and resilience.
They noted that the framework would allow countries to identify vulnerabilities and develop comprehensive, coordinated responses, while encouraging a more organised approach across various sectors.
Commenting on the announcement, IMF managing director Kristalina Georgieva restated the importance of trust in every financial system, stating, “As digital finance expands, countries must work together to combat cyber-enabled fraud and preserve confidence in the technologies that support growth and inclusion.”
Meanwhile, managing director and World Bank Group chief financial officer Anshula Kant said, “Digital financial services can be a powerful driver of economic opportunity, jobs, and financial inclusion in developing economies.
“Strengthening protection against fraud is essential to ensuring that people can use these services with confidence and fully benefit from the opportunities they create.”
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.