How Easy Crypto Keeps You Safe from Scammers

Amount of money returned to customers dealing with fraud or scams:

NZ $2,733,738*

*Easy Crypto has transacted billions in total sales; but that is not our only measure of success. We believe our success also relies on another important number: the amount of money returned to customers dealing with fraud or scams (including unwitting money mules). We’re the first exchange to publicly disclose this number on our website (recovered between July 2022 to April 2024).

In a world where digital currencies are transforming the way we handle funds, protecting your funds and assets is more important than ever.

Easy Crypto is at the forefront of ensuring that your crypto assets remain secure and our team works around the clock to save customers from falling victim to scams.

How Easy Crypto Detects and Prevents Scams

At Easy Crypto, keeping customers safe involves more than just setting up security measures – it’s about actively monitoring every transaction.

Our approach to detecting and preventing scams is multi-faceted and combines advanced technology, strict regulatory compliance, and customer education. 

Our fraud and scam prevention measures to keep customers safe include:

Customer Identification and Verification

Know Your Customer (KYC): We implement rigorous KYC procedures to ensure every customer’s identity is verified. This helps prevent fraudulent accounts from being created and also ensures that we comply with regulatory requirements.

Anti-Money Laundering (AML): Easy Crypto takes AML regulations seriously. We’ve implemented automatic and manual measures to monitor for suspicious activity and our systems and team take immediate action if any is detected.

Transaction Monitoring

Behavioural Analytics: We continuously monitor customer behaviour for unusual patterns using enhanced security measures that includes blockchain analytics. If a user suddenly engages in suspicious activities, such as unusual access to the account or out of character transactions, our systems flag the activity for review.

Transaction Limits: Easy Crypto has implemented transaction limits that cap the amount or frequency of transfers. This acts as an additional safeguard, particularly for new customers, to help prevent large-scale losses if an account is compromised.

Security Measures

Multi-Factor Authentication (MFA): We require multiple forms of identification for logins, such as an SMS code or app-based verification, adding an extra layer of security beyond just a password.

Strong Password Policies: Easy Crypto enforces strong password requirements to ensure that customers use complex, secure passwords, reducing the risk of brute-force attacks.

Phishing Prevention: We educate customers about phishing scams and provide resources to help them recognize fraudulent communications. Additionally, we’ve implemented systems that detect and block phishing attempts to protect users.

Secure Wallet Storage: While we offer robust security measures for in-platform transactions, we always encourage our customers to use their own secure wallets. By storing their crypto assets in hardware wallets or other secure storage, users have additional layers of protection against scams.

Customer Education

Scam Awareness: We are proactive in educating our customers about common scams in the crypto space, such as phishing, Ponzi schemes, and fake exchange platforms. Regular updates and alerts are provided through our blog and communication channels.

Best Practices: Easy Crypto offers guidance on securing accounts, such as enabling MFA, using strong passwords, and verifying URLs before logging into accounts. This empowers our customers to take control of their security.

Types of scams

Recent scams we have helped prevent fall into three main categories, including ‘job scams’ in which customers are tricked into becoming a money mule through a fake work-from-home job offer; ‘investment scam’ that promise guaranteed high returns on a crypto investment and ‘ponzi scheme’ in which customers are lured in with promises of high profits by recruiting others. 

In all of these cases, Easy Crypto flags the risk, and intervenes appropriately by advising against proceeding.

Below are some of the most common scams out there:

• Phishing Scams: Scammers send convincing messages via email, text, or social media to steal credentials or sensitive information. They often impersonate reputable companies, including exchanges like Easy Crypto.
• Investment and Business Opportunity Scams: These scams promise high returns in a short time, often involving “financial gurus” or “mentors” offering secret methods to financial freedom.
• Fake Initial Coin Offerings (ICO) and Tokens: Scammers create fake ICOs or tokens, luring investors into buying worthless or non-existent cryptocurrencies.
• Pump and Dump Schemes: Scammers artificially inflate a cryptocurrency’s price by spreading false information, then sell off their holdings, causing a crash and leaving others with losses.
• Social Media Scams: Scammers use social media to impersonate influencers or companies, offering “investment opportunities” or promising rewards for deposits.
• Multi-Level Marketing (MLM) / Ponzi: Scammers promise high returns for recruiting others into a program, often involving paying in cryptocurrency for recruitment rights. These are usually pyramid schemes that collapse when there are not enough new investors.
• Money Mule: Scammers persuade individuals to transfer stolen funds or cryptocurrencies, often as part of a romance or investment scam.

For the full list on types of scams, along with details and tips on how to prevent them visit our guide here.

Easy Crypto’s Fraud Reporting and Resolution Process

We have a fast and transparent process in place to help customers who believe they may have been scammed.

Upon receiving a report of suspicious activity, our team opens an investigation:

• Our fraud protocols kick into action, and our team works with the customer to gather all necessary details. 
• We collaborate with relevant financial institutions and law enforcement where required, and we keep the customer informed at every step.
• Our customer support team is available to assist in these cases, offering guidance on how to secure accounts and prevent further fraud. 

We know that facing a scam can be stressful, so we prioritise swift resolution while keeping customers informed throughout the process.

The bottom line   

At Easy Crypto, security is more than just a feature – it’s a core value. Every member of our team is dedicated to protecting our customers’ assets from scams and fraud. 

Leveraging the latest fraud prevention and detection tech, strong partnerships, and a customer-first approach, we have saved and returned millions of dollars that could have been lost to scammers.

We encourage our customers to remain vigilant and report any scams they see. Together, we can continue to make the crypto space a safer place for everyone.