The global economy loses between half a trillion and one trillion US dollars annually to digital fraud, according to various estimates, International Monetary Fund (IMF) Managing Director Kristalina Georgieva said at a discussion during the Annual Meetings of the IMF and the World Bank Group in Bangkok. She urged countries to step up efforts to combat fraud and adopt common approaches to consumer protection.
Georgieva was presenting the Bangkok Blueprint for Fraud-Resilient Financial Services. The initiative was developed by the IMF and the World Bank in partnership with the Bank of Thailand.
Georgieva stressed that digital financial services depend on consumer trust. For people to use them, they must be confident that their identities and funds are protected. Fraud undermines that trust and can make access to the financial system more difficult, particularly for people who rely on digital payments in their everyday activities.
She warned that artificial intelligence is expanding the opportunities for digital fraud. Illustrating the risks posed by cyberattacks, Georgieva recounted how hackers in France had remotely raised the temperature of refrigerators in shops to 50 degrees Celsius. As a result, food products spoiled and had to be discarded.
Countries must incorporate fraud protection into their national strategies and improve coordination between institutions, the IMF chief said. In her view, responsibility cannot rest solely with central banks but must extend to various participants across the economy and society.Fraud cannot be stopped completely, she said, stressing the need for mechanisms to limit the damage and assist victims. Georgieva warned that if countries fail to get the problem under control, people could lose trust in the financial system and stop using digital financial services.
Thailand’s Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas also cited an estimate of annual losses of around USD 1 trillion. He said a problem that crosses all borders must be addressed by those willing to cross them together. Victims may be in one country, perpetrators in another, and the money may pass through a third. Yet responses often remain national, with limited coordination between countries, he said.
Nitithanprapas called for joint action by financial institutions, telecommunications operators and digital platforms. In his view, efforts should focus both on preventing fraud and on recovering funds for victims.
Bank of Thailand Governor Vitai Ratanakorn cited another estimate, according to which global losses from financial fraud exceeded USD 442 billion in 2025. The number of cases has almost tripled over the past decade, while Asia accounted for 67% of global fraud losses in 2024, he said.
In Thailand, losses exceeded THB 43 billion in 2024, fell to THB 32 billion in 2025 and stood at just over THB 9 billion in the first half of 2026. This is a significant reduction, showing that coordinated action can make a substantial difference, Ratanakorn said. He presented the Bangkok Blueprint as a practical basis for improving information sharing and strengthening cooperation between countries.
The document sets out 12 key recommendations grouped into five areas: a legal framework and clear allocation of responsibilities; fraud prevention, detection and mitigation; the use of existing risk management and law enforcement mechanisms; national and international coordination; and consumer protection and resilience.
World Bank Group Managing Director and Chief Financial Officer Anshula Kant stressed the importance of digital financial services to people’s livelihoods, particularly in developing economies. She cited the example of small traders in India who accept payments via QR codes. According to Kant, around 75% of adults in developing markets now have a financial account, compared with approximately 40% fifteen years ago.
Kant called for security measures to be built into financial products and services from the outset. She identified identity verification, transaction monitoring, financial education and rapid compensation for customers as key tools. Requirements must be tailored to different groups of users so that they do not restrict access to financial services.
Bank of England Governor and Financial Stability Board Chair Andrew Bailey said that trust in money and technology is fundamental to a resilient financial system. He urged financial institutions to use technology not only to provide new services but also to protect against fraud.
Technology gives fraudsters new opportunities, but it can also strengthen protection against them, Bailey said. He stressed that banks could not tackle the problem alone and that major technology companies and social media platforms, through which many scams are spread, must also be involved.
Bailey called for fraud risks to be taken into account when modernizing international payments. He said there is no point in building a system that is faster but actually encourages more fraud. International cooperation should also involve experts in combating money laundering and financial crime.
National Bank of Rwanda Governor Soraya Hakuziyaremye said that 92% of the country’s population has access to formal financial services, compared with 21% 18 years ago. The spread of mobile payments has increased the importance of protection against fraud. According to her, Africa has around 1 billion active mobile money accounts, serving a population of 1.3 billion. A loss of trust could drive some users towards informal financial services, she warned.Rwanda uses a shared instant payments platform that enables real-time transaction monitoring, the detection of suspicious activity using artificial intelligence, and information sharing between financial institutions. Registered fraud cases fell by 30% in the first six months of 2026 following the establishment of prevention forums involving financial institutions, telecommunications operators and law enforcement agencies, Hakuziyaremye said.
She said artificial intelligence can strengthen protection if it is used properly. Hakuziyaremye called on technology companies to join the joint efforts and stressed the need for cross-border cooperation, as money obtained through fraud can be transferred to another jurisdiction in a very short time.
Georgieva said the IMF will work with the Financial Stability Board, the World Bank and other international institutions to expand expertise and implement measures to address cyber risks. Progress should be assessed by whether the spread of fraud is slowing and whether countries are managing to limit the damage. The experience of countries that have achieved reductions should be used to develop more effective measures, she said.
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