Banco Santander, BBVA and CaixaBank have set up a company that will see the Spanish lenders share data that will help tackle financial crime.
Called FrauDfense, the venture will bring together anti-fraud initiatives from the banks, developing tools to exchange relevant information and data.
First up, a tool is being built to share information on fraudulent practices and effective response measures, while ensuring information remains private and secure.
The plan has already been sent to the supervisory and regulatory authorities, with the partners also inviting other banks and firms from other industries to come aboard.
Santander veteran Carlos Requena has been tapped to lead the company, while each of the banks will have two board members.