- The volume of APP fraud in the UK was up 22% in H1 2023*
- Salv Bridge achieved up to 80% recovery in APP fraud cases*
- Salv is set to launch an AI-based no-code rule generator*
- Salv secures additional €3.9m for UK market expansion*
Salv has raised additional €3.9m, bringing its capital raised this year to €7.9m and total funding to €12.1m. The investment will fuel Salv’s expansion in the UK, allowing banks and payment companies to tackle APP fraud. It also allows Salv to enhance its transaction monitoring with an AI-based no-code rule generator.
APP fraud remains a growing concern despite the UK financial services sector spending £22k per hour fighting fraud. The PSR’s upcoming mandatory reimbursement for APP fraud presents additional incentive for financial institutions to tackle the issue effectively, using the most impactful tools, to minimise losses. Smaller banks and payment firms, often with less robust fraud detection and prevention systems, are particularly vulnerable.
Salv’s unique suite of products gives financial institutions the necessary tools to detect, prevent and stop fraud, money laundering, and terrorist financing. Trusted by large banking groups, such as LHV, Swedbank, and SEB, Salv protects 53 financial institutions across 12 countries.
Taavi Tamkivi, Founder and CEO of Salv, comments: “As the UK moves towards shared responsibility for APP fraud refunds, financial institutions must adapt. Our suite, particularly the inbound monitoring feature, is critical for detecting fraudulent activities and money mule accounts, thereby reducing the financial institution’s liability. This feature, along with tools like our Bridge platform, is tailored to meet the evolving regulatory demands, and the soon-to-launched AI-based no-code rule generator will enable financial institutions to swiftly adapt to new criminal behaviour.”
The AI-based no-code rule generator is set for launch in Q2 2024. Developed with the data from existing monitoring rules, validated and improved with transactional data, the tool allows for the implementation of new transaction monitoring rules without developer support.
Salv’s toolkit also includes Bridge, a platform that facilitates collaborative investigations between its members. It’s GDPR-compliant and secured with advanced encryption. To date, member institutions have achieved up to 80% recovery of funds lost to fraud using Salv Bridge. These figures surpass the UK’s current estimated baseline of 5%. Salv will initiate a closed pilot for a similar Bridge network in the UK early next year, in collaboration with a global banking group.
CEO & Co-Founder