Bank of England Governor Andrew Bailey has sharply criticized social media platforms for their role in facilitating fraudulent activities. Speaking at an event during the International Monetary Fund's annual meetings in Bangkok on October 14, 2026, Bailey emphasized the need for tech giants to take greater responsibility for criminal content appearing on their sites.
Bailey warned that social media risks eroding public trust and causing broader societal harm if platforms continue to allow misleading and fraudulent content to circulate. He urged the 'big technology platforms' to step up their efforts to combat these issues, suggesting that their current measures are insufficient.
The comments reflect growing concerns about the unchecked spread of fraud and misinformation online. Bailey's remarks highlight the regulatory and ethical challenges facing social media companies as they balance user freedom with the need to maintain security and integrity on their platforms.