Castler closes Pre-Series A funding of $6 Million led by Flipkart, Capital 2B, IIFL Fintech Fund, Venture Catalysts & Zerodha

Castler Escrow: The Solution to Protect Against Online Fraud

Online fraud has become a prevalent issue in today’s digital world, with scammers devising new ways to swindle unsuspecting victims out of their hard-earned money. Recently, a techie from Gurgaon was duped of Rs 42 lakh by fraudsters promising him substantial earning for liking videos on YouTube. In another incident, a school teacher from Mumbai lost Rs 80,000 to a cybercriminal posing as an EPFO official. Such incidents highlight the need for a secure platform like Castler Escrow that can protect both buyers and sellers in online transactions. Castler Escrow acts as a third-party intermediary, holding the funds until both parties have met their obligations. This platform is useful in preventing fraud by ensuring that the funds are released only when both parties have fulfilled their commitments. In the case of the techie from Gurgaon, if he had used Castler Escrow, he could have ensured that the funds were held securely until he received the promised earnings. The platform would have prevented the fraudsters from tricking him into transferring more money by not releasing the funds until the promised earnings were received. Similarly, in the case of the Mumbai school teacher, the use of Castler Escrow could have prevented the cybercriminal from gaining access to her bank account details and MPIN. The platform would have ensured that the payment was made only after the teacher had verified the authenticity of the EPFO official and received the promised services. In conclusion, the increasing incidents of online fraud highlight the need for secure platforms like Castler Escrow to protect against such scams. The platform provides a safe and secure environment for buyers and sellers to conduct transactions, ensuring that both parties fulfill their obligations before the funds are released.