European RegTech scale-up Salv is set to revolutionize fraud prevention with the latest iteration of its Salv Bridge network.
This initiative invites 30 selected banks, FinTechs, and crypto companies to join forces in a real-time intelligence sharing platform aimed at tackling Authorised Push Payment (APP) fraud—a prevalent issue where customers are misled into transferring funds to criminal-controlled accounts.
Salv Bridge stands as the first of its kind, a real-time collaboration platform operating across Europe for the past four years. It boasts participation from over 70 financial institutions, which leverage the network to exchange critical intelligence and combat fraud effectively. This platform has proven exceptionally effective, with alerts from the network yielding a true positive rate of over 90% and recovery rates reaching up to 80%. These impressive statistics highlight the platform’s crucial role in protecting customer assets and dismantling criminal operations.
Ester Eggert, head of product at Salv, emphasized the proactive nature of this initiative: “The companies in this cohort will play an active role in proactively combatting APP fraud,” she said. “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.”
With applications now open, the opportunity is limited to 30 companies, underscoring the exclusive and focused approach Salv is adopting to address this pressing financial threat. This initiative not only aims to safeguard customer funds but also to establish a more unified front against financial crimes in the rapidly evolving digital landscape.
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