Salv starts the application process for its Bridge cohort

The cohort, which includes 30 banks, fintech companies, and crypto firms is set to share intelligence on managing the scaling issue of Authorised Push Payment (APP) fraud. Also known as account-to-account fraud, bank impersonation or payments fraud, APP fraud happens when customers are misled into sending funds to accounts controlled by criminals presenting themselves as legitimate payees.

Live since 2021 in Europe, Salv Bridge is a collaboration platform for fraud prevention and recovery, supporting over 70 financial institutions that leverage the platform to share intelligence. Just before announcing the start of the application process for the next phase of its Bridge cohort, Salv introduced the Collaborative Scenario Library to assist Anti-Money Laundering (AML) teams in improving their transaction and customer monitoring processes. The library, which came as part of the Salv Monitoring solution, intended to offer a collaborative approach among financial institutions, enabling them to address criminal tactics while also falling in line with regulatory requirements. The move aimed to bridge the gap in AML compliance, where risk-based guidelines often left institutions without proper frameworks for overseeing financial crime.

The fight against APP fraud

Members of the Salv Bridge platform can send alerts leveraging the company’s solution, with them having a positive rate of over 90% while companies see a recovery rate of approximately 80%. Also, if APP fraud is suspected, fincrime investigators from different institutions can share intelligence to track possibly stolen funds, protect consumers, and mitigate criminal networks. Commenting on the announcement, representatives from Salv underlined that the companies in the upcoming cohort are set to actively participate in proactively combatting APP fraud. Additionally, by merging organisations focused on fighting crime across the industry within an intelligence-sharing network, Salv intends to work on halting APP fraud before its impact affects the industry and its participants.

Furthermore, as detailed in the press release, applications are currently open, with spaces being limited to 30 companies. Financial institutions that are interested in joining the Salv Bridge cohort can apply until 31 March 2025.