Castler closes Pre-Series A funding of $5 Million led by Capital 2B, IIFL Fintech Fund, Venture Catalysts & Zerodha

In a recent scam, a Mumbai doctor was duped out of ₹447 crores (about $5.7 million USD) by fraudsters. The fraudsters posed as government officials and convinced the doctor to pay them a bribe in order to avoid a tax investigation.

If the doctor had used Castler Escrow, the scam would have been prevented. Castler Escrow is a secure platform that holds funds in trust until the terms of a transaction are met. In this case, the doctor would have deposited the bribe money into the escrow account. The fraudsters would not have been able to access the money until the doctor had verified that they were government officials and that the bribe was necessary to avoid a tax investigation.

Castler Escrow provides a number of security features that make it difficult for fraudsters to succeed. These features include:

• Identity verification: Castler Escrow requires all users to verify their identity before they can create an account. This helps to prevent fraudsters from creating fake accounts.
• Fraud detection software: Castler Escrow uses fraud detection software to identify and prevent fraudulent transactions. This software looks for patterns that are associated with fraud, such as sudden changes in account activity or large payments to unknown recipients.

By using Castler Escrow, businesses and individuals can protect themselves from fraud. If you are ever asked to make a payment to someone you do not know, it is always best to use a secure platform like Castler Escrow.

Here are some additional tips for avoiding scams:

• Never give out your personal information, such as your Social Security number or bank account number, to someone you do not know.
• Be suspicious of any unsolicited emails or phone calls.
• Do not click on links in emails or text messages from people you do not know.
• Research any company or individual before you do business with them.
• Use a secure payment platform, such as Castler Escrow, when making online payments.

By following these tips, you can help to protect yourself from scams.