Financial Crime Prevention Strategies in Spain: BBVA Leads the Way

The rapid growth of digital financial services has brought with it an increased exposure to digital crime and fraud, affecting 47.8 million digital customers worldwide. To combat this trend, Spanish banking group BBVA has made customer protection a fundamental pillar of its strategy, achieving a significant reduction in fraudulent activities.

Achieving Significant Results

In just three years, the bank has managed to prevent up to 75% of fraud attempts against its customers, demonstrating its commitment to protecting its clients and preventing financial crime. This achievement is a testament to BBVA’s focus on customer protection and risk mitigation.

The First Financial Crime Prevention Unit in Spain

BBVA has established the first financial crime prevention unit in Spain, aimed at combating financial crimes ranging from basic theft to large-scale organized operations. This unit is part of the bank’s comprehensive solution model to combat financial crime, allowing it to focus on customer protection while preventing the use of financial institutions for unlawful pursuits.

Technology and Data: Key Components

Technology and data play a crucial role in achieving this goal. BBVA’s deepening knowledge of its customers’ transactional behavior enables it to deliver a differential response to any unlawful activity. The unit currently comprises around 800 individuals within the BBVA Group, with two hubs already established in Spain and Mexico, and plans to set up similar units in all other countries where it operates.

Advanced Models and Technology

Advanced models and technology will give BBVA a complete view of its customers’ behavior, enabling the bank to stay ahead of evolving crime dynamics. As Ortega emphasizes, “Advanced models and technology will give us a complete view of our customers’ behavior.”

Staying Ahead of Evolving Challenges

As crime continues to evolve and become increasingly sophisticated, BBVA is evolving its approach to financial crime prevention. The bank recognizes the increasing concern of fraud and the illicit movement of money, which makes it essential to prioritize effective risk mitigation.

Disruptive Technologies

To stay ahead of these challenges, Jose Luis Elechiguerra, Global Head of Engineering at BBVA, is committed to continuing to evolve the technology platform to provide new capabilities that allow the bank to offer the best solutions to customers. The bank is focusing on disruptive technologies such as the cloud, artificial intelligence, big data, and biometrics, without losing sight of the digital regulatory framework.

Prioritizing Customer Protection

By setting up a new Financial Crime Prevention unit, BBVA is prioritizing customer protection, bank security, and societal well-being. As Ortega concludes, “This is not a traditional project focused on productivity or efficiency; we are talking about effective risk mitigation to protect customers and society.”