Telefónica and BOTECH FPI combine their cybersecurity capabilities to fight fraud in the banking sector
Jun 2, 2019
Madrid, 31 May 2019. ElevenPaths Telefónica's Cybersecurity Unit, and BOTECH FPI, a pioneer in cybersecurity and fraud detection technology, have signed an agreement to offer fraud protection services especially aimed at the banking sector. The scope of the agreement combines Telefónica's cybersecurity expertise, the operational capability of its Security Operations Centres (SOCs), as well as its worldwide commercial network, with BOTECH FPI's expertise in offering cybersecurity fraud prevention, detection, and management services.
Online fraud is a growing and constantly changing phenomenon with increasingly sophisticated attacks. In the last four months alone, BOTECH FPI has detected 1,200 malicious apps in approximately 200 unofficial application markets for the Android (Google Play) and iOS (App Store) operating systems. In addition, there was a 13.2% increase in banking malware in the last year, and a 200% increase in phishing in the same period.
The collaboration is part of Telefónica's alliances strategy to expand its catalogue of security services and reinforce its anti-fraud solutions proposal. BOTECH FPI has extensive experience in the analysis and management of fraud, and offers prevention services to minimise risks to clients.
Through this agreement, Telefónica incorporates BOTECH FPI solutions into its managed security catalogue, and reinforces its range of services focused on fraud prevention, adding to the rest of the commercial offer offered from its SOCs. The agreement will initially be deployed in Spain to be then expanded to 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 of ElevenPaths' services with BOTECH FPI's proven fraud capabilities, reinforcing our innovative cybersecurity offer”, said Pedro Pablo Pérez, Global VP of Security for Telefónica and CEO of ElevenPaths. “Our ambition in the field of fraud is to jointly become a benchmark for the Spanish, European, and Latin American markets. Fraud prevention is the first phase of a collaboration that will expand into other areas of cybersecurity”.
For his part, Miguel Ángel Rojo, CEO of BOTECH FPI, said: “The agreement with Telefónica is a great opportunity for BOTECH FPI that will allow us to reach many more clients and geographic areas, especially in Latin America where we currently have a limited presence and have launched an ambitious expansion process based in our office in Mexico City”.
At ElevenPaths, Telefónica Cyber Security Unit, we believe in the idea of challenging the current state of security, an attribute that must always be present in technology. We’re always redefining the relationship between security and people, with the aim of creating innovative security products which can transform the concept of security, thus keeping us one step ahead of attackers, who are increasingly present in our digital life.
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