IMF and World Bank launch 'Bangkok Blueprint' against cyber fraud
The IMF and World Bank just rolled out the "Bangkok Blueprint for Fraud-Resilient Financial Services," a framework to help policymakers, regulators, financial institutions, and other stakeholders tackle cyber-enabled fraud.
Announced at their annual meeting in Bangkok, this move comes as digital scams keep getting smarter and more expensive.
Digital fraud drains about $1 trillion
Digital fraud is now draining about $1 trillion from the global economy every year, roughly 3% of worldwide GDP, according to Thailand's finance minister.
Asia has been especially hard-hit, making up 67% of all global fraud losses in 2024 and seeing scam gangs steal at least $88 billion from people last year.
The IMF warns that if left unchecked, rising cybercrime could threaten the benefits of digital finance for everyone.