Blueprint to fight cyber fraud

The Bangkok Blueprint for Fraud-Resilient Financial Services, a framework outlining 12 key considerations for a comprehensive national strategy to combat cyber-enabled fraud, was launched on Oct 14 during the 2026 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group in the Thai capital.

Cybersecurity risks and digital fraud are closely intertwined in financial services, as vulnerabilities in digital systems can expose both financial institutions and their customers to cyber incidents and fraud, according to an IMF report published in March.

The report warned that cyber-enabled fraud had nearly tripled, yet its true scale remained underestimated because of underreporting and gaps in data across jurisdictions.

The increasingly global nature of fraud poses a major challenge to efforts to disrupt criminal networks, with Thailand suffering significant losses, said Vitai Ratanakorn, governor of the Bank of Thailand.

He also highlighted the cyber and operational risks facing financial institutions and technology providers, stressing the need for governance frameworks and safeguards to keep pace with emerging financial technologies.

"The blueprint is motivated by these interconnected risks. It aims to protect users from fraud, enhance cyber and operational resilience, and ensure new technologies are utilized positively and intuitively. It provides a practical framework for coordinated actions against fraud, covering a holistic ecosystem response," he said.

Building on the work of international standard-setting bodies and responding to calls from IMF member countries for a more comprehensive and prioritized approach, the IMF and World Bank Group developed the 12 key considerations in partnership with the Bank of Thailand. The framework is intended to guide policy alignment, global dialogue and future action.

The 12 considerations are organized around five objectives: establishing strategic and legal foundations; strengthening the fraud-mitigation cycle; leveraging existing risk-mitigation and enforcement frameworks; expanding domestic and cross-border cooperation and coordination; and promoting consumer protection and resilience.

Global scams inflict enormous economic damage, and combating them effectively requires international cooperation and a unified approach, said Ekniti Nitithanprapas, Thailand's deputy prime minister and finance minister, in his opening remarks.

He said the blueprint rests on three core principles: a whole-of-system approach involving all stakeholders; international cooperation to tackle cross-border scam operations; and a flexible design that accommodates differences in national laws and institutional capabilities.

"International cooperation is essential to connect information across borders and agencies to combat transnational fraud effectively. By working together, countries can build a more inclusive and resilient global financial system for everyone, as fraud has no borders and our response should reflect that," Ekniti said.

Within their respective mandates, the blueprint will also help IMF and World Bank Group staff advance their work on cyber-enabled fraud, inform dialogue with national authorities, and shape their contributions to international standard-setting bodies and other relevant institutions.

"Resilience and vulnerability mitigation should be integrated into product formulation from day one, not added as an afterthought. Assess possible vulnerabilities and address them proactively," said Anshula Kant, managing director and chief financial officer of the World Bank Group.

Beyond traditional "know your customer" requirements, she said, understanding transaction patterns was crucial to identifying potential fraud. Customer education and outreach were also essential, particularly for less sophisticated clients purchasing financial products.

Kant also called for risk-mitigation and customer-compensation strategies tailored to customers' levels of financial sophistication, supported by robust education initiatives and appropriate incentives for financial institutions.

Kristalina Georgieva, IMF's managing director, stressed the urgent need for a systematic and rigorous approach to cyber-risk regulation and supervision. She also underscored the importance of building knowledge, skills and institutional capacity through collaboration with international organizations, particularly in payment systems and cross-border transactions.

"The blueprint is a beginning. Progress should be assessed by effectively managing threats and learning from successful examples, utilizing cyberthreats as a source of knowledge to inform future actions," she said.