By facilitating continuous adaptation to emerging threats and fostering critical information sharing, Salv’s collaborative crime-fighting platform is a solution against international financial crime networks. The platform has a proven track record in tackling money laundering, sanctions screening, and authorised push payment (APP) fraud, where fraudsters trick consumers or businesses into transferring funds to fake accounts.
According to UK Finance, financial crime losses reached GBP 609.8 million in the UK alone during H1 of 2022. Although the end of the pandemic has seen a fall in overall fraud losses, some fraud types have increased as criminals continue to adapt their methods. UK Finance has long been calling for greater cross-sector collaboration to tackle criminal activity, and the partnership between Salv and Veriff represents an important step in fostering a safer financial ecosystem for everyone.
Officials from Salv said that their mission is to stop financial crime, and for this to happen, companies need to match the level of coordination and cooperation that is seen amongst international criminal gangs. This collaboration shouldn't be limited to financial institutions – to really make a difference, companies across the ecosystem need to work together.
This partnership boosts fraud detection capabilities and enhances customer experience. Salv's Bridge tool enables cross-border collaboration, allowing financial institutions to exchange intelligence in real-time - investigations are solved 100 times faster, with most urgent cases solved within minutes compared to the previous 48-72 hours. Institutions using Bridge reported that they collectively detected around 80% of the APP fraud, and the percentage of successful money reclaimed increased.
Veriff’s representatives stated that they committed to protecting their customers with the technologies and capabilities they need to keep their identities safe from fraud. By partnering with Salv, they enhance their full suite of fraud prevention capabilities even further to deliver an unparalleled experience for our customers.
Salv platform offers a full suite of products that help financial institutions and businesses meet their AML screening, monitoring, and customer risk assessment needs. More than 50 financial institutions across 13 countries already use various products through Salv's platform, which uses advanced analytics, flexible monitoring tools, and real-time collaboration to spot and prioritise suspicious activity.
For more information about Veriff, please check out the company profile in The Paypers Company Database.
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