Bank of England Governor Calls for Greater Accountability from Social Media Giants Amid Rising Online Fraud Andrew Bailey, the Governor of the Bank of England, urged tech giants to step up their fight against digital scams after a wave of deepfake images targeted prominent figures. Speaking at the IMF meeting in Bangkok, Bailey criticized platforms for lacking liability and called for systemic changes to curb fraud that hurt victims and erodes public trust. The Bank stresses the urgency of collaborative measures between regulators, tech companies and financial institutions to protect consumers. Andrew Bailey, the Governor of the Bank of England, took to the stage at the International Monetary Fund meeting in Bangkok to launch a sharply worded plea to the world's largest social‑media platforms. The speech, steeped in frustration and a hint of personal victimisation, urged e‑commerce and content‑sharing giants such as X, Facebook and TikTok to take more responsibility for the amount of misleading, fraudulent and downright criminal content that is being allowed to proliferate across their services. He warned that the current regulatory framework places the onus entirely on the platforms and there is a lack of real liability for the harmful content that circulates on their sites.Bank of England Governor Warns Tech GiantsBailey's concerns come after the Bank of England itself fell victim to a sophisticated deep‑fake attack. Images fabricated by click‑bait hackers appeared on Elon Musk's X platform, showing Mr. Bailey in a staged confrontation with Nigel Farage, the leader of Reform UK. The fake posts linked to counterfeit news articles that promoted 'investment schemes' and were designed to exploit the public.In response to the incident, the Bank confirmed it had been 'very hard' to locate and remove the fraudulent posts. This experience highlighted to the Governor the frightening scope of intellectual‑property theft and the need for stronger enforcement. In his remarks, Bailey sharply contrasted the old newspaper model-where publishers were legally bound for everything they printed-with the anonymous and open platforms of the 21st century."Publishers are legally responsible for everything they print, we are not," he said, acknowledging that online platforms operate at what he calls an "extreme position of no real liability. " The Governor called for a cultural shift, emphasizing that accountability must become a shared responsibility, citing the need for both individual and collective action to diminish online fraud. He urged tech firms to "focus on developing systems and technology to fight fraud" rather than indulging in a "compensation culture.Deepfake Attack on Governor Sparks Action" Bailey's warning comes amid a global push to safeguard the financial system's integrity. IMF chief Kristalina Georgieva also spoke at the same event, emphasising that cyber‑fraud poses a threat to trust in financial institutions."Trust is the foundation of every financial system," she said. She stressed that as digital finance expands, governments must collaborate to combat cyber‑enabled fraud and preserve confidence in the technologies driving inclusion. The Bank of England's own data, released earlier this year, confirmed that digital fraud has reached new heights. UK Finance-an industry trade body-reported a 4 per cent rise in payment‑fraud losses, amounting to £1.28 billion in 2025 compared with the previous year.UK Finance underlined that 66 per cent of fraud offences in the last year were launched online, describing the operation of criminals as "industrial scale.Global Push to Safeguard Financial Integrity" The trade body called for tech firms to shoulder some of the burden by contributing financially, sharing expertise, and providing intelligence to curtail crime. The call for stronger, enforceable responsibilities echoed Bailey's own message of a shared approach to risk mitigation.In conclusion, the Governor's message rings louder than ever as the digital ecosystem evolves. With the increasing sophistication of scammers and the public's dependence on social‑media platforms for daily interaction, the need for a coordinated, multi‑stakeholder strategy has never been clearer. The Bank of England's insistence on accountability, coupled with the IMF's call for global cooperation, signals a new era in digital financial security.The world will be watching the response initiatives of tech firms and public regulators to determine whether the "extreme position of no real liability" can be re‑checked with fresh regulation, better technology and sharper enforcement. This will be a key test of whether the promise of an open, user‑generated platform can coexist with the safe‑keeping of collective trust in the digital age.