BBVA, Banco Santander, CaixaBank to fight financial fraud in Spain

Monday 31 July 2023 15:34 CET | News

Spain-based bank BBVA has partnered with Banco Santander and CaixaBank in a joint effort to fight financial fraud. 


BBVA, Banco Santander, and CaixaBank have formed a strategic partnership in a bid to address financial fraud, the biggest challenge in the banking sector. As emphasised in the official statement, the three banks are developing tools to facilitate the sharing of data to proactively combat financial crime.

The anti-fraud initiatives of the three banks will be conducted under FrauDfense, a company that has already been set up and presented to supervisors and regulators. As outlined in the press release, the company’s board of directors is composed of two representatives from each entity.

One of the first points of action the parties of the partnership seek to address has to do with the development of a knowledge-sharing platform that is meant to safeguard against fraudulent practices and implement countermeasures.

The newly announced project is set to fight against a variety of fraudulent practices, including sophisticated techniques like admission fraud and digital or card payment fraud.

What is more, this Spain-born collaboration is expected to later be open to partnering with companies and organisations from the financial sector and other industries, that are keen on cooperating to exchange anti-fraud data. The main aim of the endeavour is to enhance security and safeguard the interests of customers, entities, and society at large.

Spain-based bank BBVA has partnered with Banco Santander and CaixaBank in a joint effort to fight financial fraud.


The wider context

The partnership addresses a pressing issue in the banking industry, as criminal activities are constantly evolving and becoming more sophisticated. With the emergence of new dynamics and methods for fraud and illicit money movement, the risk associated with these activities has become a growing concern.

The urgency to tackle fraud is also increasing as consumers have begun expressing their worries about the issue. For instance, a recent report published by Experian after surveying US citizens showed that, in 2023, half of the consumers are more worried about becoming targets of fraud compared to the previous year.

Moreover, the data outlined that businesses and consumers alike believe that prioritising fraud prevention and security measures is crucial, particularly during times of economic uncertainty.

This is not the first effort made by BBVA to combat fraud. Earlier in 2023, the company announced the launch of a new Financial Crime Prevention unit that leverages technology, advanced analytical models, and artificial intelligence in a bid to strengthen the bank’s financial crime prevention structure.

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Keywords: partnership, banking, banks, fraud detection, fraud prevention, online fraud
Categories: Banking & Fintech
Companies: BBVA, CaixaBank, Santander
Countries: Spain
This article is part of category

Banking & Fintech






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