Top banks in Spain unite to swap information in fight against financial crimes

THREE SPANISH banks have come together to exchange information and data to fight and prevent financial crime.

BBVA, Banco Santander, and CaixaBank have formed a strategic partnership in a bid to address financial fraud which they say is the biggest issue affecting their sector.

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.

The company’s board of directors will be made up of two representatives from each bank.

The new partners will set up a knowledge-sharing platform that is meant to safeguard against fraudulent practices and implement countermeasures.

Illegal practices include sophisticated techniques like admission fraud and digital or card payment fraud.

The new collaboration also plans to partner 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 initiative is to enhance security and safeguard the interests of customers, entities, and society at large.

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.

Research shows that businesses and consumers alike believe that prioritising fraud prevention and security measures is crucial, particularly during times of economic uncertainty.

Earlier this year, BBVA announced the launch of a Financial Crime Prevention unit using all modern technology including artificial intelligence to strengthen the bank’s financial crime prevention structure.


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