What's Happening?
Sumsub, a global verification and fraud prevention platform, has launched a new public registry aimed at recognizing businesses that prioritize digital safety and compliance. This initiative awards 'Risk Intolerant' badges to companies in sectors such as fintech, crypto, gaming, edtech, and mobility. The registry categorizes companies into different tiers based on their assessment results, with the highest accolade, the 'Titan' badge, awarded to firms like Coinlist, Mercuryo, and Wirex. The launch comes amid increasing threats, with a significant rise in sophisticated fraud, largely attributed to the use of artificial intelligence by scammers. Sumsub's initiative seeks to shift the industry narrative from scandals to highlighting companies that manage
risk and fraud proactively.
Why It's Important?
The introduction of the 'Risk Intolerant' registry by Sumsub is significant as it addresses the growing concerns over digital safety and compliance in the fintech and crypto industries. With a reported 40% of global businesses falling victim to fraud, and sophisticated fraud increasing by 180% between 2024 and 2025, this initiative provides a framework for recognizing companies that are effectively managing these risks. By spotlighting companies that prioritize safety, the registry not only helps in building trust among consumers and stakeholders but also encourages other businesses to adopt similar practices. This could lead to a more secure and reliable digital ecosystem, benefiting both businesses and consumers.
What's Next?
Companies wishing to be assessed for the 'Risk Intolerant' registry can apply directly through Sumsub. As the registry gains traction, it is likely that more companies will seek to be recognized for their safety and compliance efforts. This could lead to increased competition among businesses to improve their risk management practices, ultimately raising the standard of digital safety across the industry. Additionally, as the registry becomes more established, it may influence regulatory bodies to consider similar frameworks for compliance and safety in the digital space.
