Bailey urges social media firms to take greater responsibility for fraud
Andrew Bailey has called on social media companies to take greater responsibility for fraud spread through their platforms, describing some activity as “downright criminal and terrible”. The Bank of England governor said the lack of liability for platforms was an extreme position and argued that firms should help tackle scams, while warning against a system focused on compensation.
Bailey cited fake investment promotions linked to deepfake images of him and Nigel Farage on X, which the Bank said were designed to exploit the public. IMF chief Kristalina Georgieva also warned that cyber fraud could erode trust in financial systems and urged shared responses. UK Finance said criminals stole £1.28 billion through payment fraud in 2025, 4 per cent more than the year before, and that 66 per cent of such fraud began online.
- Bailey wants social media firms to do more to prevent fraud.
- UK payment fraud losses reached £1.28 billion in 2025.
- Two-thirds of payment fraud began online.
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Social media platforms allow people and organisations to post content and advertise to large audiences. Criminals can misuse them to promote fake investments or impersonate public figures, sometimes using computer-generated images or video that can look convincing.
Andrew Bailey is governor of the Bank of England, the UK’s central bank, which helps oversee the country’s financial system. Nigel Farage is a British politician whose image has appeared in fake investment promotions; the International Monetary Fund, led by Kristalina Georgieva, works with countries on global economic issues.
Payment fraud happens when criminals trick people or businesses into sending money or sharing financial details. UK Finance, an industry body for banks and payment firms, reported that much of this fraud starts online, raising questions about how platforms, financial companies and public authorities should share responsibility for tackling it.
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The strongest fair case each way — we don't pick a winner.
The case for
Social media firms can rapidly amplify convincing scams, and their reach and design may make it harder for users to distinguish genuine offers from fraud. Requiring platforms to take greater responsibility could encourage stronger prevention and faster removal of fake promotions, while recognising that online fraud can damage public trust as well as individual finances.
The case against
Platforms should help address fraud, but making them broadly liable for scams users post could make them responsible for conduct they did not create or control. A compensation-centred regime might prompt excessive removal of legitimate content or investment discussion, while diverting attention from criminals and from shared prevention efforts involving banks, platforms and law enforcement.
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Originally published by Daily Mail as “Bank of England boss berates social media platforms over ‘downright criminal and terrible’ fraud”.