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SFMA issues guidance on managing digital fraud risks

A survey of 19 banks found action is needed on digital fraud risks, especially operational risk management and anti-money laundering controls.

SFMA has published guidance on digital fraud risks after a survey of banks showed a need for action, particularly in operational risk management and money laundering prevention.

Digital banking services have expanded strongly in recent years, especially during the COVID period. Since 2022, SFMA has observed more digital fraud cases, mainly at banks. The risk affects banks both when clients become fraud victims and when accounts are misused to launder fraud proceeds.

Survey confirms need for action

At the end of 2025, SFMA surveyed 19 banks in different supervisory categories about how they handle digital fraud risks. The new guidance summarises the findings and highlights gaps, especially in operational risk management and anti-money laundering prevention.

Appropriate risk management

The guidance explains that banks and persons under Article 1b of the Banking Act need an appropriate risk management framework to identify, limit and control digital fraud risks. The framework should cover all business activities and make it possible to identify, assess, manage and monitor material risks.

Relevant risks include digital fraud when client relationships are opened online and when accounts are accessed without authorisation. SFMA wants the guidance to raise awareness and support effective implementation of regulatory requirements and robust protection when new digital technologies are used.