Financial Crime World

Financial Crime Prevention Strategies in Spain Take a Major Leap Forward with New Alliance

Madrid/Barcelona - In a significant move to combat financial fraud, Spain’s top banks have joined forces to develop innovative tools and strategies to prevent financial crime.

Introducing FrauDfense: A New Era in Financial Crime Prevention

Banco Santander, BBVA, and CaixaBank have formed an alliance, dubbed FrauDfense, which aims to share crucial information and data to stay one step ahead of sophisticated scammers. The new company has been presented to regulatory authorities and will initially focus on creating a tool to exchange knowledge on fraudulent practices and effective response measures.

Key Objectives

  • Develop a secure and private platform for the banks to work together in identifying and preventing financial crime
  • Combat various forms of financial crime, including:
    • Identity theft for online purchases
    • Card payment scams
    • New account fraud
  • Protect customers, entities, and society at large from these nefarious schemes

Ambitious Plans

While initially focused on the Spanish market, FrauDfense has ambitious plans to expand its scope by welcoming banks and companies from other industries who share a commitment to exchanging information on fraud prevention. This move is expected to create a powerful network of like-minded organizations working together to combat financial crime.

Leadership Team

At the helm of FrauDfense will be CEO Carlos Requena, who will be supported by a board of directors comprising representatives from each of the founding banks. The board includes:

  • Carles Solé Pascual, Chief Information Security Officer 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

Natalia Ortega will serve as the alliance’s first chair, a role that will rotate every two years between the three founding banks.

Revolutionizing Financial Crime Prevention Strategies in Spain

This groundbreaking collaboration is set to revolutionize financial crime prevention strategies in Spain, paving the way for a safer and more secure banking environment for all stakeholders involved. With FrauDfense, Spain’s top banks are taking a significant step towards a future where financial crime is minimized, and customers can enjoy peace of mind when conducting transactions online or offline.