The Basel Committee on Banking Supervision today released a discussion paper for comment on digital fraud and banking. The paper explores the supervisory and financial stability implications of digital fraud, including existing data availability and risk mitigation measures.
According to the BCBS, the discussion paper provides “a high-level assessment of the supervisory and financial stability implications” of digital fraud in the global banking system. The paper explores the defining features of digital fraud, how it affects banks and how policymakers should think about it. It also addresses how supervision and financial stability are affected by digital fraud in addition to what currently is being done to mitigate digital fraud risks within the banking sector at local, regional and global levels. Comments are due by Feb. 16, 2024.