- Salv's next Bridge cohort will tackle cross-border APP fraud together, one of the fastest-growing financial crimes.
- Criminals exploit gaps in cross-border payment systems, using speed and fragmented regulations to steal funds.
- Salv Bridge connects financial institutions to close these gaps. Real-time collaboration stops fraud by protecting customers and disrupting criminal networks.
- Applications for the Bridge cohort are now open limited to just 30 companies. The deadline to apply is Monday 31 March, 2025.
LONDON, Jan. 16, 2025 /PRNewswire/ -- European Regtech scale-up Salv is inviting applications for the next cohort of its acclaimed Salv Bridge network. This exclusive cohort of 30 banks, fintechs and crypto companies will share intelligence to tackle the growing issue of Authorised Push Payment (APP) fraud.
APP fraud, also known as account-to-account fraud, bank impersonation fraud or payments fraud, occurs when customers are tricked into sending money to accounts controlled by criminals posing as legitimate payees.
Criminals are thriving on industry silos and regulatory gaps. With global losses from APP fraud projected to reach $7.6 billion by 2028, the financial industry is under immense pressure to find solutions.
Salv Bridge is the first real-time collaboration platform for fraud prevention and recovery. Live for four years in Europe, the platform supports over 70 financial institutions across Europe that use the platform to share intelligence.
Alerts sent by members through the Bridge platform have a true positive rate of over 90%, and companies see recovery rates as high as 80%. When there's a suspicion of APP fraud, fincrime investigators from different institutions share intelligence to track potentially stolen funds, safeguard customers, and disrupt criminal networks.
"The companies in this cohort will play an active role in proactively combatting APP fraud," said Ester Eggert, Head of Product at Salv. "By uniting crime fighters across our industry within an intelligence sharing network, we can stop APP fraud before it's too late. Criminals work in networks, so it's high time the industry started working in networks too. It's criminals who should be out of pocket, not customers."
Applications are now open and spaces limited to 30 companies. Financial institutions interested in joining the Salv Bridge cohort can apply by visiting the Salv website (https://info.salv.com/bridge-app-fraud-cohort). Interested companies are invited to apply from today until Monday 31 March, 2025.
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