Combining Forces in the Fight Against Financial Crime
Partnering with Salv’s modular crime-fighting platform, Veriff equips its customers with a robust set of compliance tools and access to the real-time financial crime network known as Salv Bridge. Concurrently, Salv’s users gain seamless integration with Veriff’s comprehensive suite of identity verification (IDV) solutions.
Promoting Seamless Information Sharing
The collaboration between Salv and Veriff facilitates ongoing adaptation to evolving threats and encourages essential information sharing, making it a potent tool against international financial crime networks. The platform has an established record in combating money laundering, sanctions screening, and authorized push payment (APP) fraud, where criminals deceive consumers or businesses into transferring funds to fake accounts.
Building a Safer Financial Ecosystem
According to UK Finance, financial crime losses reached £609.8 million in the UK during H1 2022. Despite the pandemic’s end leading to a decline in overall fraud losses, certain types of fraud have increased as criminals adapt their methods. UK Finance has consistently advocated for enhanced cross-sector cooperation to combat criminal activity, and this partnership between Salv and Veriff is a significant stride towards fostering a safer financial ecosystem.
Enhancing Fraud Detection Capabilities
The integration of Salv’s Bridge tool significantly boosts fraud detection abilities while enhancing the customer experience. By enabling cross-border collaboration, institutions can exchange intelligence in real-time, solving investigations 100 times faster and resolving most urgent cases within minutes compared to previous timelines of 48-72 hours. Using this platform, financial institutions collectively detected about 80% of APP fraud cases and saw an increase in the percentage of successful recoveries.
Expanding Capabilities with Salv’s Platform
Salv’s platform offers a comprehensive suite of products to help financial institutions and businesses meet their AML screening, monitoring, and customer risk assessment needs. Currently, over 50 financial institutions across 13 countries utilize various products through the Salv platform, which leverages advanced analytics, flexible monitoring tools, and real-time collaboration to identify and prioritize suspicious activities.
