Combatting the Scamdemic: Can Intelligence Sharing Stop APP Fraud? | Salv & Thistle Initiatives | FF Virtual Arena #353

In the FF Virtual Arena, Ali Paterson is joined by Taavi Tamkivi, CEO of Salv, and Jessica Cath, Partner at Thistle Initiatives, to unpack the escalating threat of financial crime, with a focus on anti-money laundering (AML), APP fraud, and the power of intelligence sharing. Tamkivi highlights how APP fraud has grown from a niche issue to a trillion-dollar global crisis – now rivalling drug trafficking in scale.

Cath adds that in the UK alone, over a third of all crime is fraud, much of it linked to cross-border networks and scam factories that often involve human trafficking. Unlike traditional financial crimes, APP fraud hits everyday people, making it more visible and urgent to tackle.

The discussion dives into what can realistically be done to curb these threats. Cath outlines three areas for action: stronger fraud detection frameworks at the firm level, national regulatory models like reimbursement schemes, and greater international cooperation.
Tamkivi emphasizes the importance of clear liability, drawing on lessons from the credit card fraud era to show that industry-wide alignment can drive innovation and accountability.

Both speakers stress that while technology for intelligence sharing exists, fear around GDPR and legal risk is holding many firms back from adopting it.

To change this, Salv has built a secure platform called Bridge that allows institutions to share fraud intelligence safely and compliantly—already showing dramatic improvements in fraud recovery. Thistle Initiatives is helping firms test and strengthen their fraud controls while encouraging collaboration across sectors. Both agree that defeating financial crime requires a shift in mindset: from risk aversion to risk-based thinking, and from isolated efforts to coordinated industry action.

This isn’t just about protecting institutions—it’s about safeguarding people.