#USA #London #Financial Institutions #Salv #APP Fraud

Salv's Call to Action Against APP Fraud

In response to the increasing prevalence of Authorized Push Payment (APP) fraud, Salv, a leading European Regtech scale-up, is now accepting applications for the upcoming cohort of its acclaimed Salv Bridge network. This initiative targets a critical financial crime that has rapidly risen in recent years, leveraging weaknesses in transnational payment systems to deceive unsuspecting customers and siphon funds.

What is APP Fraud?

Known also as account-to-account fraud, bank impersonation fraud, or payment fraud, APP fraud occurs when victims are misled into transferring money to accounts controlled by criminals posing as legitimate recipients. Exploiting gaps in regulatory frameworks and the siloed nature of the financial industry, these perpetrators are set to exploit a projected $7.6 trillion global loss by 2028 due to such frauds, putting immense pressure on the financial sector to devise effective deterrent measures.

The Role of Salv Bridge

Salv Bridge serves as a pioneering real-time cooperative platform for fraud prevention and recovery, operational in Europe for over four years and currently supporting more than 70 financial institutions across the continent. Leveraging this platform, members can exchange critical information, creating a robust framework for addressing and mitigating APP fraud risks. With a strike rate exceeding 90% for alerts transmitted through the Bridge, and recovery rates hitting as high as 80%, the platform is proving its worth in the ongoing fight against financial crime.

By facilitating information sharing among institutions, investigators can collaborate effectively, enabling them to track potentially stolen assets, safeguard clients, and disrupt criminal enterprises. Ester Eggert, Head of Product at Salv, states, "The businesses participating in this cohort will actively contribute to the fight against APP fraud. By assembling the crime fighters of our sector in a collaborative network, we can thwart APP fraud proactively, addressing the criminal threat before harm is done. It’s time the industry unites against these criminals whose actions should not damage our customers.'

Application Process

Applications for this exclusive cohort are now open and will be limited to 30 banks, fintechs, and cryptocurrency firms. Interested financial institutions seeking to join this important initiative are encouraged to submit their applications through the Salv website by Monday, March 31, 2025. By becoming part of this forward-thinking group, institutions are not only enhancing their own capabilities to combat fraud but also contributing to a wider effort that seeks to close systemic loopholes that enable such criminal activities.

For more details and to apply, please visit the Salv website: Salv Bridge Application.

In conclusion, Salv’s initiatives represent a significant step forward in creating a safer financial ecosystem, and the collaboration fostered through the Salv Bridge network holds the potential to revolutionize the fight against fraud by turning isolated institutions into an alliance of organizations dedicated to a common goal: safeguarding customers and protecting the integrity of the financial system.