Salv Launches New Bridge Cohort to Combat APP Fraud

Salv Invites Companies to Join Bridge Cohort

Salv is excited to announce the opening of applications for its next Bridge cohort, a program designed to tackle one of the fastest-growing financial crimes: cross-border Authorised Push Payment (APP) fraud. This initiative aims to bring together various financial institutions to collaboratively address and combat this increasing threat.

The Growing Issue of APP Fraud

Criminals have become adept at exploiting weaknesses in cross-border payment systems. They operate in a landscape where fragmented regulations and rapid transaction speeds enable them to carry out fraud with relative ease. As a response, Salv Bridge connects banks, fintechs, and crypto companies, allowing them to work together in real-time. The collaborative network is focused on enhancing customer security and disrupting these criminal networks.

How the Salv Bridge Program Works

Applications for the Bridge cohort are now open, with only 30 slots available for interested companies. The deadline for applications is approaching, so those looking to participate must act swiftly. This exclusive program will harness the collective intelligence of its members to effectively combat APP fraud.

Understanding APP Fraud

APP fraud occurs when consumers are deceived into transferring funds to accounts that are controlled by fraudsters masquerading as legitimate payees. This type of fraud has various names, including account-to-account fraud and bank impersonation fraud, and it has seen a dramatic rise, with global losses projected to reach approximately $7.6 billion in the near future.

Benefits of Joining Salv Bridge

Salv Bridge is recognized as the first real-time collaboration platform tailored for fraud prevention and recovery. Having been operational for several years in Europe, the platform currently supports over 70 financial institutions. Together, these institutions contribute to a unified effort to combat fraud. Statistics show that alerts generated within the Bridge network maintain a true positive rate exceeding 90%, and recovery rates can reach as high as 80% for those involved.

When any member suspects APP fraud, they can share vital information with their peers in the network. This allows for a swift response to track and potentially recover stolen funds, thereby enhancing customer protection.

Commitment from Industry Leaders

Ester Eggert, Head of Product at Salv, emphasizes the importance of collective action against APP fraud. She believes that the companies joining this cohort will play a crucial role in proactively addressing this issue. "By uniting crime fighters across our industry within an intelligence-sharing network, we can stop APP fraud before it's too late," she remarks. The goal is clear: criminals should face the consequences of their actions, leaving customers free from financial harm.

Final Call for Applications

With the application window now open, interested financial institutions are encouraged to apply as soon as possible. Spaces are limited, and potential participants would benefit from acting quickly to secure their udzia? in this impactful program. To apply, interested companies can visit the Salv website and follow the instructions provided there. This initiative represents a significant opportunity for collaboration in the fight against APP fraud.

Frequently Asked Questions

What is APP fraud?

APP fraud refers to a type of financial crime where individuals are tricked into transferring money to scammers pretending to be legitimate entities.

Who can apply for the Salv Bridge cohort?

Financial institutions such as banks, fintech companies, and crypto firms can apply to join the Bridge cohort.

How can joining the Bridge cohort benefit my organization?

Joining the cohort provides access to a collaborative network focused on intelligence sharing and fraud prevention, enhancing overall security measures.

What are the statistics on fraud recovery through Salv Bridge?

Reports indicate that alerts sent through the Salv Bridge platform have a true positive rate of over 90%, with recovery rates reaching as high as 80% for participating companies.

When is the deadline for applications?

The deadline for submitting applications to the Salv Bridge cohort is approaching quickly; companies should apply before the specified date.

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