Leading Spanish banking organisation BBVA recently unveiled its brand-new division for preventing financial crime worldwide.
This tactical action aims to combat the rising instances of financial crime, which are also becoming more sophisticated. The newly created unit’s goal is to develop an extensive model of solutions to deal with the threat of financial crime and concentrate efforts on customer protection.
BBVA, with a distinguished global presence in multiple countries, provides a range of financial services from retail banking to wealth management. The bank is recognised for its commitment to innovation, consistently integrating advanced technology into its operations.
The newly launched unit, staffed by 800 dedicated personnel within the BBVA group, seeks to mitigate financial crime. These include crimes ranging from basic theft or fraud targeting a single customer to large-scale operations managed by organised crime syndicates, possibly operating on a transnational scale. The unit will leverage advanced analytical models and artificial intelligence, deepening their understanding of their customers’ transaction behaviours.
BBVA has further illustrated its proactive approach by establishing two hubs for this unit in Spain and Mexico, with plans to expand into other countries where the bank operates in the upcoming months. This setup promotes a single, vertical responsibility for their preventative operating model, thus, consolidating the bank’s stance against financial crime.
In addition to the launch of this unit, BBVA has been making substantial progress over recent years. In 2022, BBVA successfully thwarted 75% of fraud attempts against its customers, deploying advanced models and new prevention tools.