IMF and World Bank release Bangkok fraud framework

The International Monetary Fund and World Bank released the Bangkok Blueprint in Bangkok on October 14, a framework offering 12 considerations to help countries respond to cyber-enabled fraud. The Bank of Thailand took part in developing the plan, which calls for coordinated action across financial services and other sectors. The institutions describe the Blueprint as a non-prescriptive framework for policymakers, regulators, financial institutions and other stakeholders, not formal IMF or World Bank policy guidance. It is intended to help countries identify vulnerabilities and develop measures to prevent, detect and respond to digital financial fraud. Its recommendations are grouped into five pillars: establishing strategic and legal foundations; strengthening fraud prevention, detection and recovery; making use of existing cybersecurity and enforcement frameworks; expanding cooperation within and across borders; and promoting consumer protection. The measures include stronger information-sharing, clear accountability and coordination among public agencies, financial institutions, digital platforms, social media and telecommunications providers. The framework reflects...