In a recent cyber fraud case, the Kangra Cooperative Bank lost Rs. 7.79 crore to scammers. The scammers posed as RBI officials and tricked the bank’s employees into transferring the money to their accounts.
If the bank had used Castler Escrow platform, the scam could have been prevented. Castler Escrow is a secure platform that allows buyers and sellers to exchange goods or services without having to trust each other. The money is held in escrow until both parties have agreed that the transaction is complete.
In the case of the Kangra Cooperative Bank, the scammers would not have been able to trick the bank’s employees into transferring the money to their accounts if the money had been held in escrow. The bank’s employees would have had to wait until the transaction was complete before the money was released. This would have given the bank time to verify the identity of the scammers and to stop the transaction.
Castler Escrow is a valuable tool that can help businesses protect themselves from cyber fraud. If you are concerned about the security of your online transactions, consider using Castler Escrow.
Here are some of the ways in which Castler Escrow could have prevented the scam in the case of the Kangra Cooperative Bank:
Castler Escrow requires both parties to verify their identity before a transaction can be initiated. This would have made it more difficult for the scammers to pose as RBI officials.
Castler Escrow provides a secure platform for exchanging goods or services. This would have made it more difficult for the scammers to steal the money.
Castler Escrow has a team of fraud experts who are constantly monitoring transactions for signs of fraud. This would have helped to identify the scam and to stop it before the money was stolen.
If you are considering using an escrow service, I highly recommend Castler Escrow. It is a secure and reliable platform that can help you protect yourself from cyber fraud.