Senior global financial officials have raised concerns over the rapid rise of advanced artificial intelligence, warning that new models could expose critical weaknesses in the global banking system’s cyber defences.
The warning came during the spring meetings of the International Monetary Fund (IMF) and the World Bank in Washington, where AI risks emerged as a key theme.
AI risks take centre stage
Dan Katz cautioned that the fast evolution of digital technologies is creating “immense” cybersecurity risks for financial systems.
He stressed that managing these threats will be a top international priority in the coming months.
Echoing these concerns, Andrew Bailey—who also chairs the Financial Stability Board—said the pace of AI development is alarming and requires urgent regulatory attention.
Focus on Anthropic’s new AI model
Much of the discussion centred on a new AI system developed by Anthropic, known as Claude Mythos Preview.
According to reports, the model has demonstrated the ability to detect thousands of high-severity vulnerabilities across major operating systems and web browsers—raising concerns about how such capabilities could be misused.
A “double-edged sword”
Christine Lagarde described the technology as both promising and potentially dangerous.
While acknowledging its usefulness in identifying system weaknesses, she warned that in the wrong hands, such tools could pose serious risks to economies, public safety, and national security. She also highlighted the lack of a robust global governance framework to manage these emerging threats.
Limited rollout, growing concern
So far, Anthropic has shared the model with a small group of major companies—including Amazon, Apple, Google, and JPMorgan Chase—to test its capabilities and address vulnerabilities.
However, officials warn that such advanced tools may soon become more widely available, increasing the risk of exploitation by malicious actors.
Urgent call for global oversight
Regulators and policymakers now face mounting pressure to act quickly. With AI evolving faster than existing safeguards, experts stress the need for coordinated global oversight to ensure that powerful new technologies strengthen—rather than undermine—the resilience of the financial system.
