BBVA, Banco Santander and CaixaBank have joined forces to tackle one of the biggest challenges facing the banking sector, financial fraud. The three Spanish banks are working on tools to exchange relevant information and data to help prevent financial crime.
Under the name FrauDfense, the company that will unite the anti-fraud initiatives of the three entities has been set up and presented to the various supervisors and regulators.
In the first phase, the alliance will address the creation of an information exchange tool to share fraudulent ‘modus operandi’ and successful countermeasures. The security and privacy of the information shared will be preserved at all times.
A common objective
The project covers the fight against a variety of fraudulent practices, which can be very diverse and sophisticated, such as admission fraud, where customer information is compromised by impersonating customers to purchase products, and digital or card payment fraud.
This ambitious collaboration, to begin in Spain, will be open to the incorporation of other companies and entities, both financial and from other sectors, interested in sharing anti-fraud information, with the goal of providing greater protection to customers, entities, and society in general.
Carlos Requena will be the CEO of FrauDfense. The Board of Directors is composed of two representatives from each entity: Carles Solé Pascual, CISO of Banco Santander Spain, and Daniel Barriuso, Group Chief Transformation Officer of Banco Santander; Natalia Ortega, Global Head of Financial Crime Prevention, and Sergio Fidalgo, Global Head of Corporate Security for BBVA, and Sofia Karapatsiou, Director of Fraud Governance, and Lorenzo Malo, CISO of CaixaBank.
Natalia Ortega of BBVA is the first president of FrauDfense, a position that will be renewed every two years among the three member entities of the project.