During the Identity & Business Day event, organized by Veridas on April 25 in Madrid, Natalia Ortega, Global Head of Financial Crime Prevention at BBVA, shared her vision on how digital identity solutions and biometrics are transforming the financial industry and combating fraud.
This event brought together experts from companies such as BBVA, MásMóvil, Ilunion, Mutua Madrileña, and Grupo VID, who discussed the latest innovations in digital identity and their impact on business.
Security as a layered system
Fraud is a constant challenge for companies, especially in the financial sector. Natalia Ortega emphasized that, rather than relying on a single solution, organizations should adopt a layered security approach to deal with increasingly sophisticated attacks:
“Security and fraud control should be viewed as a matter of layers. It’s like water: you have to add layers that prevent certain risks from leaking, and if one layer fails, there should be another one to detect it quickly.”
With this approach, BBVA has strengthened its financial crime prevention strategy by creating a unit solely dedicated to identifying and mitigating risks. This ensures that threats are effectively addressed throughout the customer lifecycle.
Biometric as a pillar of security and authenticity
Regarding technological solutions, biometrics has become one of the key pillars of security at BBVA. The implementation of this technology allows the bank to verify the identity of clients both during onboarding and throughout their relationship with the bank. According to Ortega, Global Head of Financial Crime Prevention, BBVA:
“It allows us not only to know the client at the moment of onboarding and be certain that the client is not being impersonated, but also to have a continuous authentication layer.”
With over 50 use cases developed alongside Veridas, biometrics has helped BBVA triple its digital customer acquisition rate. This success not only highlights the effectiveness of biometrics as a security solution but also the growing trust of users in these technologies.
“Biometrics has become something our clients demand”
In addition to security, the customer experience plays a crucial role in the adoption of biometric technologies. Ortega highlighted that, in an environment where customers seek fast and secure solutions, biometrics has become a tool that enhances the user experience. As she explained:
“The worst thing that can happen to a customer is not being able to access their funds, or worse, having their money stolen. This is where biometrics comes in: it allows us to reduce friction in the authentication process, enabling the customer to access quickly and securely.”
Although the initial implementation of biometric technologies generated some friction, over time and with continuous process improvements, customer perception has changed, and today biometrics is seen more as a requirement than an option.
“Biometrics has become something our clients demand.”
Digital identityas a growth engine
For BBVA, digital identity is not just a protection tool but also a business enabler. The integration of solutions such as biometrics has not only helped reduce fraud but has also opened new business channels, improved customer conversion, and optimized operational efficiency. As Natalia explained:
“For us, solutions like biometric identification and the evolution we make of it are the strategic pillar that will allow us to keep growing, leveraging digitalization.”
This vision positions digital identity as a crucial asset for the organization’s growth in an increasingly digitized environment.
Generative AI: a new challenge in the security
One of the key points Natalia Ortega highlighted was the emergence of generative artificial intelligence, which has arrived to challenge the capabilities of traditional security technologies. According to her, cybercriminals are already using this technology to carry out more sophisticated attacks:
“When I first heard about generative AI, I thought it was far off, but the reality is we’re already experiencing it. Attacks are now a reality.”
In response to this challenge, BBVA is committed to constantly evolving its technologies and making strategic investments to ensure that customer security remains solid and reliable. The response to these threats will always be the adaptation and continuous evolution of its authentication systems.
Beyond security: a comprehensive vision of the future
In concluding her intervention, the representative of the Financial Crime Prevention area, emphasized how BBVA views biometrics and digital identity not only as security tools but also as business enablers. For her, biometrics is a differentiating factor that enhances the customer experience while maintaining high levels of security:
“Biometrics is not just a security barrier, but a business enabler. It’s a way to enhance the customer experience, reducing friction while maintaining high security.”
This vision aligns with the theme of Veridas’ Identity & Business Day event: “Identity as a Business Catalyst,” highlighting how the implementation of digital identity solutions, when done correctly, can be a key competitive advantage in an increasingly competitive and digital market.
