Banco Santander, BBVA, and CaixaBank have established a company aimed at sharing data to combat financial crime.
Named FrauDfense, this initiative will integrate anti-fraud efforts from the three banks, creating tools for the effective exchange of pertinent information and data. The first project underway involves developing a system to share insights on fraudulent practices and effective countermeasures, all while maintaining privacy and security.
The plan has been submitted to supervisory and regulatory authorities, and the partners are extending an invitation to other banks and companies from various industries to join the effort. Carlos Requena, a veteran of Santander, has been appointed to lead the company, with each of the banks contributing two board members.