Enhancing Fraud Detection and Information Sharing

The collaborative crime-fighting platform facilitated by Salv is designed to continuously adapt to new threats, promoting critical information sharing. This solution is particularly effective in combating money laundering, sanctions screening, and unauthorized push payment (APP) fraud.

Addressing Financial Crime Challenges

In light of recent data from UK Finance, financial crime losses surged to GBP 609.8 million within the first half of 2022 in the UK alone. While overall fraud losses have declined post-pandemic, certain types of fraud continue to rise as criminals evolve their tactics. UK Finance advocates for increased cross-sector collaboration to combat criminal activity, with the Salv and Veriff partnership marking a significant stride towards establishing a safer financial ecosystem.

Improving Fraud Detection Capabilities

The Salv Bridge tool significantly boosts fraud detection by enabling real-time exchanges of intelligence between financial institutions. Previously, investigations often took 48 to 72 hours; now, urgent cases are resolved within minutes. Approximately 80% of APP fraud is detected collectively using this platform, and the percentage of successfully reclaimed money has increased as well.

Veriff’s representatives emphasize their commitment to safeguarding customer identities with the necessary technologies and capabilities. By partnering with Salv, Veriff enhances its comprehensive suite of fraud prevention tools, ensuring an unparalleled experience for customers.

The Salv platform offers a wide array of products essential for financial institutions and businesses to meet AML screening, monitoring, and customer risk assessment needs. Over 50 financial institutions in 13 countries currently utilize various products through the Salv platform, leveraging advanced analytics, flexible monitoring tools, and real-time collaboration to identify and prioritize suspicious activities.