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

How Castler Escrow Could Have Prevented a ₹1.38 Lakh Online Scam

In a recent incident, a woman in Mumbai lost ₹1.38 lakh after she was tricked into paying ₹5 to receive a parcel. The fraudsters posed as representatives of a well-known courier company and convinced the victim that she needed to pay the fee in order to receive the parcel. Once the victim had paid the fee, the fraudsters disappeared.

In this case, Castler Escrow could have prevented the scam. If the victim had used Castler Escrow, they would have deposited the ₹5 into an escrow account managed by Castler. The funds would then only have been released to the fraudsters once the victim had received the parcel.

This would have prevented the fraudsters from getting away with the money, and it would have protected the victim from financial loss.

Here are some of the ways in which Castler Escrow could have prevented the scam:

  • Castler Escrow would have provided a secure platform for the victim to communicate with the fraudsters. This would have made it more difficult for the fraudsters to trick the victim into paying the ₹5 fee.
  • Castler Escrow would have verified the identity of the fraudsters. This would have ensured that the victim was not dealing with a legitimate courier company.
  • Castler Escrow would have held the ₹5 fee in escrow until the victim had received the parcel. This would have prevented the fraudsters from getting away with the money.
  • If you are ever considering making an online payment, you should be very careful. It is possible that you are being scammed. You can protect yourself by using a trusted escrow service like Castler Escrow.

How Castler Escrow Works

  • Castler Escrow is a secure platform that allows buyers and sellers to make online transactions with confidence. When a buyer and seller use Castler Escrow, the funds are held in escrow until the buyer is satisfied with the transaction. This ensures that both parties are protected from fraud.
  • To use Castler Escrow, the buyer and seller first create an account on the Castler website. Once they have created an account, they can create a transaction. The buyer then deposits the funds into the escrow account, and the seller ships the goods or services to the buyer.
  • Once the buyer receives the goods or services, they have a certain amount of time to inspect them and confirm that they are satisfied with the transaction. If the buyer is satisfied, they click a button on the Castler website to release the funds to the seller. If the buyer is not satisfied, they can file a dispute with Castler.

Castler will then investigate the dispute and determine whether to release the funds to the buyer or the seller. If Castler determines that the buyer is entitled to a refund, they will release the funds to the buyer.

Conclusion

Castler Escrow is a secure and reliable way to make online transactions. If you are ever considering making an online payment, you should consider using Castler Escrow to protect yourself from fraud.