From The Independent · · 1m
Bank of England chief warns social media firms enable fraud
Andrew Bailey calls for accountability from platforms hosting scams and deepfakes targeting the public.
In brief
Andrew Bailey calls for accountability from platforms hosting scams and deepfakes targeting the public. Andrew Bailey, Governor of the Bank of England, has called on social media companies to take responsibility for fraud and criminal activity on their platforms. Originally reported by The Independent.
Bailey warns of platform liability gap
Andrew Bailey, Governor of the Bank of England, told an audience in Bangkok that social media companies have "no real liability" despite growing online fraud cases.
Deepfakes and fake investment schemes
Bailey himself has been targeted by AI-deepfakes on platforms including X. The Bank reported adverts designed to exploit the public, linking to fake news articles encouraging investment scheme sign-ups.
Platforms must share responsibility
Bailey said platforms have moved to an extreme position with no liability for content. He called for social media companies to be involved in addressing fraud transmitted through their channels.
“Everything's on it. You know, the good, the bad and the incredibly ugly and downright criminal and terrible.”
The one thing
Andrew Bailey, Governor of the Bank of England, has called on social media companies to take responsibility for fraud and criminal activity on their platforms.
