Financial Crime World

Spanish Banks Unite to Combat Financial Crime with New Alliance

Introduction

Madrid/Barcelona, July 21, 2023 - The banking industry is facing one of its biggest challenges: financial fraud. To tackle this issue, Banco Santander, BBVA, and CaixaBank have joined forces to create a new company called FrauDfense.

About the Alliance

FrauDfense aims to develop tools for sharing information on various forms of financial crime, including:

  • New account fraud
  • Online fraud
  • Card payments

The alliance has been presented to relevant regulatory authorities and is set to start operations in Spain. The company will be led by CEO Carlos Requena, with a board of directors comprising two representatives from each bank.

Plans for Expansion

FrauDfense plans to expand its scope by inviting other banks and companies from various industries to join the fight against financial crime. The alliance aims to share information securely and privately to help prevent financial crimes and protect customers, entities, and society as a whole.

Leadership Structure

The first chair of FrauDfense will be Natalia Ortega from BBVA, who will rotate every two years between the three member banks. This structure ensures continuity and stability in the leadership of the alliance.

Benefits of the Alliance

The alliance is expected to be a significant step forward in combating financial crime in Spain, where fraud can take sophisticated forms. With FrauDfense, the three banks are demonstrating their commitment to working together to prevent financial crimes and ensure a safer banking environment for all.

About the Participating Banks

Banco Santander

  • Founded in 1857
  • Headquartered in Spain
  • Significant presence in 10 core markets across Europe, North America, and South America
  • One of the largest banks in the world by market capitalization

BBVA

  • Founded in 1857
  • Over 68 million active clients and nearly 117,000 employees
  • Strong leadership position in the Spanish market and leading franchises in South America and Turkey

CaixaBank

  • Leading financial group in Spain
  • Volume of assets exceeding €618 billion
  • Significant presence at the European level
  • More than 20 million customers
  • Largest branch and ATM network in Spain and Portugal
  • Leads digital banking with over 11 million digital customers