Bank of England Governor Andrew Bailey has criticized social media platforms for failing to address fraudulent activities on their sites. Speaking at the International Monetary Fund annual meetings in Bangkok on October 14, 2026, Bailey emphasized that these platforms risk eroding public trust and harming society if they continue to host misleading and fraudulent content.
Bailey urged the 'big technology platforms' to take more responsibility for the criminal activity facilitated through their services. He argued that without stricter measures, social media could undermine the fabric of society by allowing fraud to thrive unchecked.
The remarks come as concerns grow over the role of social media in enabling financial scams and misinformation. Bailey's call to action highlights the need for greater regulatory oversight and corporate accountability in the digital space.