BBVA has announced the launch of a unit aimed at enhancing the bank’s financial crime prevention framework.
This new unit consists of 800 personnel within the BBVA group and has established two hubs in Spain and Mexico, with plans to expand to additional countries where the bank operates in the coming months.
Technology and data will be central to the operations of this unit. BBVA emphasizes the utilization of advanced analytical models and artificial intelligence to deepen their understanding of customer transaction behavior. The bank is adopting a streamlined approach with a single, vertical responsibility for its preventative operating model.
Natalia Ortega, head of the new global financial crime prevention unit, remarked, “We aim to create a comprehensive solution model that addresses the threat of financial crime for our customers, allowing us to concentrate our efforts on their protection while preventing the misuse of financial institutions for illegal activities.”
She added, “Financial crime can range from basic theft or fraud targeting individual customers to large-scale operations orchestrated by organized crime groups, sometimes crossing international borders. This underscores the necessity of integrating functions that extend beyond traditional fraud prevention, as we expand our capabilities to identify any unlawful activities occurring within the bank.”
This initiative comes at a time when financial institutions are bracing for increasing financial crime, which is becoming progressively sophisticated.
Ortega noted, “BBVA has made significant strides in recent years. In 2022, we successfully thwarted 75% of fraud attempts against our customers, thanks to advanced models and new prevention tools. We have implemented various defense mechanisms, ranging from employee and customer training on human factor risks to investing in cutting-edge technology that enables real-time detection of unusual account behaviors.”