Rolling coverage of the latest economic and financial newsGlobal financial system is failing developing countries, says Ed MilibandBank of England governor Andrew Bailey and IMF managing director Kristalina Georgieva have issued a stark warning about the growing risks of cyber attacks and AI fraud.Georgieva cited her childhood growing up in Eastern Europe, when wary citizens didn’t trust the system, so kept their money in a shoebox under the bed.“What I worry, today, is that unless we figure out how to get ahead of this curve, given the speed, the scale and the cost of fraud going up, we may end up with lots of people with shoeboxes under their beds.”“I’m going to use a sports metaphor for a moment. I think this technology, you know, is arming the offence, but it can also arm the defence as well.”“We’ve moved into quite an extreme position of, well, these platforms are open to everybody and there’s no real liability to the provision of the platform to what’s on it. Guess what? Everything’s on it. you know, the good, the bad and the incredibly ugly and and downright criminal and terrible.”“I don’t go around pointing the finger at people and saying, ‘you are bad’.What I have said is, look, there is responsibility all around. And we need to evolve to a world where everybody understands this responsibility, and everybody is then a part of addressing the problem, because we this cannot be done by by finance alone, given the media that are being used now. Continue reading...