The Basel Committee on Banking Supervision released a discussion paper on digital fraud and banking.
Technological banking advancements can both provide benefits and present risks to bank soundness and financial stability. One such example is digital fraud: criminals are exploiting digitalisation to commit online fraud on a greater scale and scope than previously. Fraud risks have also evolved in response to the COVID-19 pandemic.
This discussion paper provides a high-level assessment of the supervisory and financial stability implications of digital fraud for the global banking system. Its purpose is to elicit comments and feedback from a broad range of interested stakeholders. It is structured around three broad sets of questions:
This discussion paper is intended to provide a high-level assessment of these questions. It is not a comprehensive and exhaustive analysis of digital fraud. The empirical analysis included in this discussion paper is based on readily available data.
The committee welcomes comments from a broad range of interested stakeholders on the discussion paper, including the specific questions posed, which should be submitted here by 16 February 2024. All submissions will be published on the BIS website unless a respondent specifically requests confidential treatment.
Re-disseminated by The Asian Banker