How ChangeNOW Combats Fraudulent Crypto Activity: A Review of Security, AML Mechanisms, and Successful Cases

ChangeNOW is a non-custodial platform, meaning users maintain full command of their cryptocurrency holdings. But that doesn't mean security takes a backseat – the platform still goes the extra mile to protect its users.

Word on the street is that ChangeNOW goes above and beyond to help out users who somehow got themselves in a pickle and got scammed. They've even been known to lend a hand to folks who weren't using their exchange but still had their funds stolen.

With solid AML checks and a commitment to security, ChangeNOW proves you can still rely on a safe crypto experience, and here's how they make it happen.

KYC/AML Procedures

ChangeNOW's approach to preventing scams and illicit activities is built around compliance with AML/KYC regulations. If a transaction raises suspicion, the process kicks in, temporarily holding the exchange while the customer’s identity is verified. This system isn't just about checking boxes – it's about ensuring the legitimacy of every transaction.

But keep in mind that even the best systems can hiccup, and in rare instances, even legitimate transactions might trigger ChangeNOW's KYC process. However, users who have experienced this issue often say that KYC is quick and painless, just like this example.

Source: Trustpilot

What stands out is how ChangeNOW deals with cases like theft. If someone becomes a victim of stolen funds, ChangeNOW takes it seriously.

It's important to know that these scams don't happen directly on ChangeNOW. Instead, they can pop up during the user's overall crypto journey, but ChangeNOW is still there to lend a helping hand if you get caught in a tricky situation. All you need to do is reach out through their support system and give them the lowdown on what happened, like any blockchain transactions and the context of the theft.

ChangeNOW then collaborates with law enforcement agencies worldwide to investigate and freeze the assets if there's enough evidence.

What's more, ChangeNOW's process for returning funds is methodical. Once a law enforcement agency submits a formal request, both digitally and physically, ChangeNOW acts swiftly to return the frozen funds. Though the platform reserves the right to stop a transaction at the swapping stage if theft is reported in time, their emphasis on working with authorities to safeguard users adds another layer of reassurance.

ChangeNOW Recovering $19 Million in Lost Assets

Let's see how ChangeNOW has been kicking fraudsters and hackers to the curb by reviewing the cases below.

1.Massive $420,000 Win for ChangeNOW and Its User

In September 2023, ChangeNOW stepped up big time, recovering 10.6 BTC (worth around $430,000) for a victim of a SIM swap hack. Hackers use SIM swaps to take over phone numbers, which makes it easy for them to get codes to access your email, social media, and bank accounts.

In this case, the bad guys got into the victim's crypto exchange account using a SIM card swap, then tried to move the money to another wallet. Luckily, the victim told the cops right away, and ChangeNOW's risk system quickly spotted and stopped the money transfer connected to the hackers' wallets. Thanks to some awesome teamwork with the police, ChangeNOW managed to get the money back and return it safely.

2.Phishing Attack and $210,000 Funds Returned

Phishing is a sneaky trick where scammers pretend to be trusted platforms to steal sensitive info like your wallet's seed phrase. In this case, a ChangeNOW user, referred to as Kevin for security reasons, fell victim to a fake Uniswap app on Google Play. The app asked for his MetaMask seed phrase, and once he entered it, the hackers wiped out his portfolio, stealing $875,000 worth of crypto.

ChangeNOW's AML system played a huge part. In Kevin's case, as soon as the scammers tried to move his Ethereum through ChangeNOW, their system detected unusual activity and halted the transaction. ChangeNOW’s compliance team then launched an investigation, confirming that the flagged funds were indeed tied to Kevin's case, and helped him return a significant part of his lost assets – $210,000 to be exact.

These are just some examples of cases resolved with the help of ChangeNOW. With over $19 million successfully recovered from fraud-related losses, ChangeNOW boasts one of the strongest track records in security and user protection compared to other exchanges.

AML Address Checks with ChangeNOW Pro

ChangeNOW has awesome features for everyone, but becoming a registered user (either free or paid) with ChangeNOW Pro unlocks an extra layer of perks, like anti-money laundering checks.

With ChangeNOW's AML Service, you can keep your funds safe from financial crimes. This handy feature lets you check suspicious wallets for illegal activity, protecting your cash from scammers. By using AML procedures for specific clients and wallet addresses, ChangeNOW ensures all transactions on the platform are legit and free from shady business.

Depending on your membership level, you can enjoy various AML address checks: VIP gets you 1, Emerald lands you 40, and Brilliant offers unlimited checks. With these safeguards in place, you can swap and lend on ChangeNOW with complete peace of mind.

What Other Benefits ChangeNOW Offers

Now that we've peeled back the layers of ChangeNOW's security protocols, let's take a moment to go through the array of other handy features it packs.

1,000+ Tokens, 1,000,000 + Pairs and Smooth Cross-Chain Swaps

ChangeNOW supports over 1,000 tokens and a million pairs so you can swap crypto classics like Bitcoin alongside up-and-coming and promising altcoins like Stacks, Kaspa, SXP, and WAVES. And with a bunch of asset classes, including popular picks like meme coins, PolitiFi coins, and AI, there's really a lot to explore with this exchange. Plus, ChangeNOW allows swapping across numerous blockchains like ETH, BSC, OP, Linea, Base, Starknet, Arbitrum One, ZkSync, Manta, and more.

Fast Swaps, Low Fees, No Upper Limits

ChangeNOW delivers impressively fast transactions, clocking in at an average of just 5 minutes per exchange. Transparency is key at ChangeNOW that offers real-time swap updates to keep you informed throughout your swapping process and you also get informed about the fees (that are competitively lower than many other exchanges out there by the way) upfront. Also, ChangeNOW sets you up for smooth sailing with a $2 minimum swap limit and no cap on how far you can go.

Phenomenal Support

ChangeNOW's support team is all about keeping your swaps stress-free, boasting an impressive 99% resolution rate for any blockchain network mishaps, transaction snags that cross your path, and many more cases.

Source: Trustpilot

Due to this user-centric approach, ChangeNOW has earned an impressive 4.6 rating based on Trustpilot's 10,000+ reviews.

Summary

From its advanced AML and KYC procedures to its proactive fraud detection system, ChangeNOW consistently steps up for users, even when they fall victim to scams outside the platform. ChangeNOW has encountered various types of fraud, such as phishing attacks and SIM swap hacks, and has successfully assisted its users by working with law enforcement to restore justice and recover funds. In short, ChangeNOW's got your back, ensuring you can swap with ease and peace of mind while still staying in control of your assets.

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