Kristalina Georgieva says online fraud could lead people to opt out of system and turn to ‘shoeboxes under their bed’

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The heads of the Bank of England and the International Monetary Fund have issued a stark warning that rising cyber-attacks risk undermining trust in the financial system.

Speaking on a panel about online fraud at the IMF and World Bank meetings in Bangkok, the governor of the Bank of England, Andrew Bailey, pointed to alarming headlines about self-replicating AI agents hijacking personal devices, and the French supermarket hack that heated fridges up to 50C.

UK foreign secretary will call for World Bank and others to help governments trapped by hefty borrowing costs

The foreign secretary, Ed Miliband, will claim the global financial system is failing developing countries, as he calls for a “new deal” for governments struggling under the burden of debt.

Promising to throw the UK’s diplomatic weight behind urgent reform, he will evoke the example of the Gleneagles summit under the last Labour government in 2005 – the culmination of the Make Poverty History campaign.