Financial Crime World

Spain Takes the Lead in Financial Crime Prevention with Launch of FrauDfense Unit

In a groundbreaking move, Spanish banking giant BBVA has launched a new unit dedicated to preventing financial crimes, marking a significant step forward in the country’s fight against fraud.

A New Era in Financial Crime Prevention

FrauDfense, the cutting-edge initiative, brings together the anti-fraud efforts of three major entities - BBVA, Banco Santander and CaixaBank - with a shared vision of protecting customers, banks, and society as a whole. The unit is designed to tackle a wide range of fraudulent practices, from admission fraud to digital payment fraud, with the ultimate goal of providing greater protection to all parties involved.

Advanced Technology at the Heart of FrauDfense

At the heart of FrauDfense is the use of advanced technology, sophisticated analytical models, and artificial intelligence to proactively identify and prevent financial crimes. The unit’s first phase will focus on creating an information exchange tool that allows member entities to share knowledge on fraudulent methods and successful countermeasures, ensuring the security and privacy of this sensitive data at all times.

Key Features of FrauDfense

  • Creation of an information exchange tool for sharing knowledge on fraudulent methods and successful countermeasures
  • Use of advanced technology, analytical models, and artificial intelligence to identify and prevent financial crimes
  • Open to the inclusion of other companies and entities from various sectors, creating a powerful network dedicated to fighting financial crimes

Leadership Team

Leading the charge is CEO Carlos Requena, who will be supported by a Board of Directors comprising representatives from each member entity. Natalia Ortega, Global Head of Financial Crime Prevention at BBVA, has been appointed as the first president of FrauDfense, with the role set to rotate every two years among the three founding entities.

Implications for the Global Fight Against Fraud

With FrauDfense, Spain is setting a new standard for financial crime prevention, and its success could have far-reaching implications for the global fight against fraud. As the unit continues to evolve and grow, it’s clear that this ambitious collaboration will play a vital role in safeguarding customers, banks, and society from the ever-evolving threat of financial crimes.