Bangkok:The International Monetary Fund (IMF) and World Bank Group have launched a new framework designed to assist countries in preventing and addressing cyber-enabled fraud in digital financial services. This initiative, known as the Bangkok Blueprint, was developed with the cooperation of the Bank of Thailand and was released during the institutions' annual meetings in Bangkok.
According to Anadolu Agency, the framework outlines 12 key considerations aimed at identifying vulnerabilities and fostering coordinated responses to the increasing threat of fraud, which has been growing in complexity and scale alongside the expansion of digital finance.
INTERPOL has identified cyber-enabled fraud as a major global threat comparable to drug trafficking and money laundering, often linked to transnational organized crime. The framework is structured around five pillars establishing strategic and legal foundations; enhancing fraud prevention, detection, and response; leveraging existing risk mitigation and enforcement frameworks; promoting domestic and cross-border cooperation; and ensuring consumer protection and resilience.
IMF Managing Director Kristalina Georgieva emphasized the necessity of international collaboration to maintain trust in financial technologies that drive growth and inclusion. Meanwhile, World Bank Group Managing Director and Chief Financial Officer Anshula Kant highlighted that improved protection measures would empower individuals to engage confidently with digital financial services and tap into economic opportunities.
The framework also points to the significant role of social media, digital platforms, e-commerce, and telecommunications networks in fraud schemes, urging robust accountability and swift cooperation between public and private sectors. It advocates for countries to tailor its recommendations to fit their unique legal, institutional, and market contexts.
Bank of Thailand Governor Vitai Ratanakorn remarked on the collective effort required to tackle this issue, while Thailand's Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas called for a more integrated response as digital finance continues to evolve.