CaixaBank, Santander and BBVA join forces against financial fraud

2023-07-21 21:39:06

CaixaBank, Banco Santander and BBVA have come together to face the financial fraud, considered one of the great challenges facing the banking sector. The three Spanish entities are working on tools to exchange relevant information and data that help prevent financial crime.

To carry out this initiative, a company has been established, with the name FrauDfensewhich will bring together anti-fraud initiatives from the three entities and which has been presented to the different competent supervisors and regulators.

In a first phase, the alliance will address the creation of an information exchange tool that will allow fraudulent ‘modus operandi’ to be shared and satisfactory response measures against them. At all times you will preserve the security and privacy of the information shared.

Admission, digital and card payment fraud

The project covers the fight against different fraudulent practices, which can be very diverse and sophisticated, such as admission fraudin which customer information is compromised by impersonating them for the contracting of products, and the digital or card payment fraud.

This collaboration, which will begin in Spain, will be open to the incorporation of other companies and entitiesboth financial and from other sectors, interested in sharing information against fraud, in order to provide greater protection to customers, entities and society in general.

Carlos Requena will be the general director of FrauDfense. The board of directors is made up of two representatives from each entity: Carles Solé Pascual, ‘chief information security officer’ (CISO) of Banco Santander Spain, and Daniel Barriuso, ‘group chief transformation officer’ de Banco Santander; Natalia Ortega, Global Head of Financial Crime Prevention, and Sergio Fidalgo, Global Head of Corporate Security, on behalf of BBVA, and Sofia Karapatsiou, Fraud Governance Director, and Lorenzo Malo, CISO of CaixaBank. Natalia Ortega, from BBVA, is the first president of FrauDfense, a position that will be renewed every two years among the members of the three entities that make up the project.