Salv Launches Application Period for Bridge Cohort to Combat APP Fraud and Criminal Networks

Tackling APP Fraud with Salv's Bridge Cohort

In an effort to combat the alarming rise of Authorized Push Payment (APP) fraud, Salv, a European Regtech platform, has officially opened applications for its upcoming Bridge cohort. This initiative is set to gather a select group of 30 financial entities, including banks, fintechs, and cryptocurrency companies, to collaboratively address the growing sophistication of APP fraud.

APP fraud is a unique form of financial crime where victims are misled into transferring money to accounts controlled by criminals who impersonate legitimate beneficiaries. It has become one of the fastest-growing financial crimes, driven by perpetrators exploiting loopholes within cross-border payment systems and leveraging the fragmented nature of financial regulations.

According to industry forecasts, global losses due to APP fraud could reach a staggering $7.6 billion by 2028, emphasizing the urgent need for enhanced collaboration between financial institutions. Salv Bridge serves as a pivotal solution, enabling real-time cooperation among its members to thwart fraud attempts and protect consumers while simultaneously dismantling criminal networks.

Since its inception four years ago, Salv Bridge has already made significant strides in fraud prevention within Europe. Currently, over 70 financial institutions utilize the platform to share critical information, which has resulted in a true positive alert rate exceeding 90%. Companies engaged in the program have reported recovery rates of up to 80%, highlighting its effectiveness in tracking and reclaiming potential losses stemming from APP fraud incidents.

Ester Eggert, Product Lead at Salv, commented on the importance of unity in the fight against financial crime: "The companies in this cohort will play a proactive role in addressing APP fraud. By connecting anti-crime efforts across our sector within a network of intelligence sharing, we can stop APP fraud before it escalates. Criminals operate in networks; it's time the financial sector does as well. It should be the fraudsters who lose, not the customers."

The application window for the Bridge cohort is now open and will remain available until March 31, 2025. Financial institutions interested in joining this initiative are encouraged to apply via Salv's dedicated webpage. With limited spots available, this is a unique opportunity for companies looking to enhance their fraud prevention measures and collaborate with industry peers.

For interested parties, the application can be submitted at Salv's official site. Empowering collective action, the Bridge cohort aims to mitigate risks and enhance consumer protection against one of the most pressing challenges in the financial sector today.

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As the financial sector continues to face increasing threats from fraudsters, initiatives like Salv's Bridge cohort are essential in knitting a collective response capable of evolving with the industry's challenges. The collaboration model not only fosters intelligence sharing but also builds resilience against future financial crimes, setting a precedent for similar interactions in other sectors.