In a recent incident, an IT engineer from Pune lost ₹49 lakh to an investment scam. The victim was contacted by a fraudster who posed as a representative of a well-known investment firm. The fraudster convinced the victim to invest in a high-yield investment scheme, and the victim wired the money to the fraudster’s account.
How Castler Escrow Could Have Helped:
If the victim had used Castler Escrow, the scam could have been prevented. Castler Escrow is a platform that holds payments in escrow until both parties in a transaction are satisfied. In this case, the victim would have deposited their money into the escrow account managed by Castler. The funds would then only have been released to the fraudster once the victim had received the promised investment returns.
How Castler Escrow Works:
When a user wants to make an online purchase, they can use Castler Escrow to protect themselves from fraud. The user would deposit their money into the escrow account, and the seller would not be able to access the funds until the user is satisfied with the purchase. Once the user is satisfied, they would release the funds to the seller.
Benefits of Using Castler Escrow:
There are several benefits to using Castler Escrow, including:
If the victim in the recent investment scam had used Castler Escrow, they would not have lost their money. Castler Escrow is a secure and convenient platform that can help protect users from fraud.