Financial Crime World

Spain’s Banking Sector Takes Bold Step in Financial Crime Prevention with Launch of FrauDfense Unit

In an effort to strengthen its financial crime prevention structure and customer protection, BBVA has launched a new unit called FrauDfense. This innovative initiative is a collaboration between BBVA, Banco Santander, and CaixaBank, aimed at leveraging cutting-edge technology, advanced analytical models, and artificial intelligence to proactively safeguard customers, the bank itself, and society as a whole.

A New Era in Financial Crime Prevention

FrauDfense has been set up to unite the anti-fraud initiatives of the three entities. The unit’s primary objective is to create an information exchange tool to share knowledge on fraudulent modus operandi and successful countermeasures, ensuring the security and privacy of all shared information.

Focus Areas

The project will initially focus on combating a range of fraudulent practices, including:

  • Admission fraud
  • Digital payment fraud
  • Card payment fraud

FrauDfense aims to provide greater protection to customers, entities, and society by fostering collaboration between financial institutions and other sectors.

Leadership Team

The CEO of FrauDfense is Carlos Requena. The Board of Directors comprises representatives from each participating entity:

  • Carles Solé Pascual, CISO of Banco Santander Spain
  • Daniel Barriuso, Group Chief Transformation Officer of Banco Santander
  • Natalia Ortega, Global Head of Financial Crime Prevention for BBVA
  • Sergio Fidalgo, Global Head of Corporate Security for BBVA
  • Sofia Karapatsiou, Director of Fraud Governance
  • Lorenzo Malo, CISO of CaixaBank

Rotation of Presidency

Natalia Ortega from BBVA has been appointed the first president of FrauDfense. This position will be rotated every two years among the three member entities.

A New Standard for Financial Crime Prevention in Spain’s Banking Sector

This groundbreaking initiative sets a new standard for financial crime prevention in Spain’s banking sector, demonstrating a commitment to protecting customers and upholding ethical business practices.