Financial Crime World

Financial Crime Prevention Alliance Born in Spain to Combat Fraudulent Practices

Madrid/Barcelona - In a groundbreaking move, three major Spanish banks have joined forces to create a company dedicated to preventing financial fraud, known as FrauDfense.

Combating Financial Crime

FrauDfense aims to combat the scourge of fraudulent practices that threaten the integrity of the banking system. The alliance has presented its proposal to the relevant supervisory and regulatory authorities, seeking to develop a cutting-edge tool for exchanging information on fraudulent activities and effective response measures.

Secure Information Sharing

The platform will ensure the secure and private sharing of critical data among participating institutions. This collaborative approach enables banks to share best practices and expertise in preventing financial crime, ultimately creating a robust defense against sophisticated fraud schemes.

Mission and Goals

FrauDfense’ mission is to prevent financial crime in all its forms, including:

  • New account fraud
  • Online fraud
  • Card payments

By pooling their expertise and resources, the three banks aim to create a robust defense against fraudulent activities that can have devastating consequences for customers, entities, and society as a whole.

Leadership Team

The company’s CEO will be Carlos Requena. The board of directors comprises representatives from each bank:

  • Carles Solé Pascual, CISO at Santander España
  • Daniel Barriuso, group chief transformation officer at Banco Santander
  • Natalia Ortega, global head of Financial Crime Prevention at BBVA
  • Sergio Fidalgo, group chief security officer at BBVA
  • Sofia Karapatsiou, director of Governance and Fraud Control at CaixaBank
  • Lorenzo Malo, CISO at CaixaBank

First Chair of FrauDfense

BBVA’s Natalia Ortega will serve as the first chair of FrauDfense, a position that will rotate every two years among the three member banks. The alliance’s long-term goal is to expand beyond banking, inviting companies from other industries to join forces in the fight against financial crime.

A Safer Financial Ecosystem

FrauDfense represents a significant step towards creating a safer and more secure financial ecosystem for all stakeholders. By working together, the three banks aim to make a positive impact on the global financial landscape and contribute to a more transparent and trustworthy environment.