Salv Invites Applications for New Bridge Cohort to Combat APP Fraud Globally

Salv Opens Applications for Bridge Cohort to Combat APP Fraud

Salv, a leading European regtech firm, has announced the opening of applications for its next Bridge cohort, specifically designed to address the urgent issue of Authorised Push Payment (APP) fraud. This financial crime, recognized as one of the fastest-growing threats in the industry, poses a significant risk to individuals and financial institutions alike.

APP fraud occurs when unsuspecting customers are manipulated into transferring money to accounts controlled by criminals, who often impersonate legitimate payees. The ease with which these fraudulent transactions can take place has led to a concerning rise in APP fraud cases, with experts predicting global losses could reach a staggering $7.6 billion by 2028.

The Bridge cohort will encompass a select group of 30 financial institutions, including banks, fintechs, and cryptocurrency companies. These entities will collaborate to share intelligence and best practices aimed at mitigating the risks posed by APP fraud. By fostering a community of industry leaders, Salv aims to bridge the existing gaps in the financial ecosystem, which criminals frequently exploit.

Ester Eggert, the Head of Product at Salv, emphasized the importance of proactive collaboration, stating that “it’s high time the industry started working in networks, too.” The current financial landscape is characterized by silos and fragmented regulations, which provide a perfect breeding ground for criminals. The Bridge platform seeks to break down these barriers by enabling real-time collaboration among institutions. This allows them to share alerts, insights, and best practices to combat fraud effectively.

For four years, the Salv Bridge platform has been supporting over 70 financial institutions across Europe. The service boasts impressive statistics; alerts shared among members have been shown to have a true positive rate exceeding 90%, and recovery rates can be as high as 80%. These figures underline the platform's effectiveness in not just preventing fraud but also in recovering misappropriated funds.

Financial institutions aiming to join this cohort are encouraged to apply through the official Salv website. The application window is open until March 31, 2025, offering limited spaces for companies keen on fortifying their defenses against APP fraud.

In conclusion, Salv’s initiative reflects a significant step towards strengthening the collective resilience of the financial industry against APP fraud. Collaborating with other entities in the sector can create a formidable force against these fraudsters, ensuring that it’s the criminals who bear the consequences, not the customers.

For more information and to apply for the Bridge cohort, visit Salv's official website.