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

Salv's New Initiative to Combat APP Fraud

In an era where financial crimes are evolving rapidly, Salv, a prominent European Regtech company, has launched an initiative to confront one of the most pressing issues in finance today: Authorised Push Payment (APP) fraud. This type of fraud, marked by criminals tricking customers into sending funds to accounts under their control, is on the rise, necessitating innovative collaborations among financial institutions.

What is APP Fraud?

APP fraud, also known as account-to-account fraud or payments fraud, is a tactic where bad actors impersonate legitimate payees to mislead victims. With the global financial industry projected to face losses of up to $7.6 billion by 2028 due to APP fraud, there is an urgent need for effective prevention mechanisms. Criminals often exploit gaps in cross-border payment systems, utilizing speed and regulatory inconsistencies to execute their schemes successfully.

Introducing the Bridge Cohort

To tackle this challenge head-on, Salv is inviting applications for its Salv Bridge network, which aims to unite 30 banks, fintechs, and cryptocurrency companies into a powerful intelligence-sharing community.

Ester Eggert, the Head of Product at Salv, emphasizes the necessity of collective action against financial crime: “The companies in this cohort will play a crucial role in proactively combatting APP fraud. By uniting crime fighters across our industry within an intelligence sharing network, we can stop APP fraud before it's too late.”

The Salv Bridge platform, operational for four years across Europe, allows its members to share real-time intelligence on fraudulent activities. With over 70 financial institutions already part of the platform, it boasts an impressive true positive rate of over 90% for alerts shared, and some entities have managed recovery rates as high as 80%.

How it Works

Members of the Salv Bridge can access a collaborative environment where they work together to track and recover potentially stolen funds while protecting their customers. When fraud is suspected, investigators from different institutions can share intelligence, which enables rapid response and disruption of criminal networks. This cohesive approach breaks down industry silos, making it harder for criminals to evade detection.

Application Details

Applications for this exclusive cohort are officially open now and will remain available until March 31, 2025. Financial institutions interested in joining this initiative can do so by visiting the Salv website.

With limited spaces for only 30 companies, rapid application is encouraged. In the fight against APP fraud, a united front is crucial, and Salv's Bridge initiative is poised to enhance the ability of financial institutions to protect customers and disrupt fraud networks effectively.

In conclusion, Salv's initiative represents a strong step towards solidarity in the financial services industry. By forging connections among various players, the program seeks to ensure that proactive measures are taken against those who seek to exploit the system, ultimately safeguarding customers and maintaining the integrity of financial transactions.