Telefónica and BOTECH FPI combine their cybersecurity capabilities to fight against fraud in the banking sector

Telefónica and BOTECH FPI combine their cybersecurity capabilities to fight against fraud in the banking sector

  • This partnership is aimed to exploit synergies between both companies in order to provide the fullest and most effective offer to their clients.

Madrid, May 31, 2019. -ElevenPaths, Telefónica Cybersecurity Unit, and BOTECH FPI, leader company in cybersecurity technology and fraud detection, have signed an agreement to offer protection services against fraud, especially intended for the banking sector. The scope of the agreement combines the experience of Telefónica in the field of cybersecurity, the operational capabilities of its Security Operation Centers (SOCs), as well as its global commercial network, together with BOTECH FPI specialized offer of cybersecurity services related to fraud prevention, detection and management.

Online fraud is a growing phenomenon and is constantly changing with every more sophisticated attacks. In just the last 4 months, BOTECH FPI has detected 1,200 maliscious apps in some 200 unofficial application markets for Android (Google Play) and iOS (App Store). Also, in the last year it has registered an increase of 13.2% in banking malware and growth in phishing of 200% within this same time period.

This partnership is framed within the Telefónica strategy to broaden out its portfolio of security services and strengthen its offer of anti-fraud solutions. BOTECH FPI has a wide experience in fraud analysis and management, as well as great offer of prevention services aimed to minimize clients’ risks.

Through this agreement, Telefónica integrates BOTECH FPI solutions into its managed security portfolio and enhances its range of services focused on fraud prevention, adding them to the remaining commercial offer provided from its SOCs. Initially, this agreement will be deployed in Spain, but later it will be expanded into other markets where Telefónica operates, in Latin America and Europe.

“We are very pleased with this agreement that will allow us to combine the best services of ElevenPaths with the proven capability of BOTECH FPI in the field of fraud, so strengthening our innovative cybersecurity offer”, said Pedro Pablo Pérez, Global Security VP at Telefónica and CEO of ElevenPaths. “Our ambition in the field of fraud is to become, jointly with BOTECH FPI, a benchmark for Spanish, European and Latin American markets. Fraud prevention is the first step in a partnership that will be expanded into further cybersecurity domains”.

Miguel Ángel Rojo, CEO of BOTECH FPI, highlighted that: “The agreement with Telefónica constitutes a great opportunity for BOTECH FPI that will allow us to reach much more clients and geographical regions, especially in Latin America, where currently we have an occasional presence. We have put in place an ambitious expansion process from our office in Mexico City”.

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