On 15 November 2023, the Basel Committee on Banking Supervision issued a discussion paper which provides a high-level assessment of the supervisory and financial stability implications of digital fraud for the global banking system. It is structured around three broad sets of questions:

  • What is digital fraud? What are its main defining features? How does digital fraud affect banks and how should policymakers think about it?
  • What are the supervisory and financial stability implications? How are supervision and financial stability affected by digital fraud? Why is digital fraud of relevance to the Committee and its mandate? What empirical data are available to assess its magnitude and prevalence?
  • What is being done to mitigate digital fraud risks within the banking sector? What initiatives have been pursued, or are planned, at the domestic, regional, and global level?

The discussion paper does not make a formal distinction between retail and wholesale digital fraud. While most of the discussion paper is primarily focussed on retail, there are also some elements that may have a connection to wholesale digital fraud. It also focuses primarily on external sources of fraud.

The deadline for comments on the discussion paper is 16 February 2024.