IMF and World Bank release "Bangkok Blueprint" to combat online fraud

International Monetary Fund President George Ava held a press conference during the annual meeting in Bangkok, Thailand on the 14th.

The "International Monetary Fund" (IMF) and the "World Bank" (World Bank) released a framework called the "Bangkok Blueprint" on the 14th to deal with online fraud. The Thai government emphasized that the experience of Asia, which has paid a heavy price for online fraud, can provide lessons for other countries around the world.

The IMF and the World Bank released the above-mentioned "Bangkok Blueprint for Fraud-Resilient Financial Services" (Bangkok Blueprint for Fraud-Resilient Financial Services) during the annual meeting held in Bangkok, Thailand, with the purpose of assisting policymakers, regulators, financial institutions and other stakeholders in responding to fraud. However, the framework is not an official policy guidance document of the IMF and the World Bank.

Ekniti Nitithanprapas, Deputy Prime Minister and Minister of Finance of Thailand, said when the framework was released that digital fraud and fraud have become a global problem, causing the global economy to lose approximately US$1 trillion (approximately NT$32.16 trillion) every year, which is approximately 3% of the US GDP.

According to the United Nations Office on Drugs and Crime, in the Asia-Pacific region, fraud groups will defraud people of at least US$88 billion in 2025; transnational criminal groups will continue to innovate their crime methods to avoid being pursued by law enforcement agencies as early as possible.

Vitai Ratanakorn, President of the Bank of Thailand, said that Asia, which will account for 67% of global fraud losses in 2024, has accumulated valuable experience in dealing with these threats and can provide practical lessons that countries can use to combat their own online fraud.

IMF President Kristalina Georgieva said that the spread of online fraud is threatening to reverse the achievements of digital finance.